Trade commission votes to keep steel tariffs
Tariffs will remain on some imported steel for at least the next five years, the Associated Press reported April 14.
The U.S. International Trade Commission voted to keep the tariffs in place after the Commerce Department said lifting them would harm domestic steelmakers. The tariffs were first imposed six years ago when domestic companies complained foreign steel firms from countries such as Russia and Japan were "dumping" the product at less than cost, making it impossible for U.S. steel companies to compete.
While the tariffs have enabled the domestic steel industry to earn profits for the first time in years, steel-consuming industries such as U.S. automakers have said the higher prices are hurting their operations. The Air-Conditioning and Refrigeration Institute has also lobbied for the tariffs' repeal.