If President-elect Joe Biden takes the path of removing the 25 percent duty on steel, it will come as a complete surprise to the US steel industry, said US Steel CEO David Berritt.
“We think this country deserves a strong steel industry, so we fully expect the Section 232 duties to continue because, frankly, this is the right thing to do and we don't expect it to deviate from that ... it would be a complete surprise if he decided to go in a different direction just because it was right, ”Berritt told Argus in an interview.
He also advocated continued government incentives for basic industries and businesses in the United States.
“I believe manufacturing is vital to the United States. So often we see people wanting to outsource production to other countries, and that's dangerous, right? You just think about how important it is to be independent, and if we learned something during the pandemic, then, of course, this ... You just cannot count on other countries to produce here such simple things as masks, medicines and steel, at a lower cost, "said the head of US Steel.
As a reminder, President Donald Trump introduced 25 percent duties on steel and 10 percent on aluminum on metal products from all countries of the world with rare exceptions. The basis for this decision was section 232 of the American Trade Expansion Act, which gives the US President the right to independently establish trade restrictions and impose duties at his discretion on any product, the import of which threatens US national security.
