Pascrell Statement on Trump’s Executive Order on Steel
PATERSON, N.J. – Today, U.S. Representative Bill Pascrell, Jr. (NJ-09), Ranking Democrat on the Ways and Means Subcommittee on Trade, issued a statement regarding President Trump’s executive order to investigate steel’s importance to America’s national security interests.
"The initiation of this investigation is a good first step to address the harm that massive overcapacity in the global steel market – due largely to China – is having on the US steel industry. But by itself, this action means very little. We need to see follow-through with this investigation and take additional steps to address overcapacity harming American companies and workers. Other industries, including aluminum, are harmed by overcapacity, and the Administration needs to act immediately to address that problem as well," said Rep. Pascrell. "Most importantly, I will continue to press this Administration to support legislation to deter currency manipulation, which almost certainly contributed to these overcapacity problems in the first place."
Rep. Pascrell and Reps. Sander Levin (D-MI) and Tim Ryan (D-OH) introduced the Currency Reform For Fair Trade Act earlier this month (release). This bill takes aim at currency manipulators by enabling the Department of Commerce to impose countervailing duties to offset the impact of currency manipulation on a U.S. industry.
The three members also sent a letter to President Trump in February urging him to go beyond executive action and support this legislation so that U.S. manufacturers will have the confidence needed to invest in the United States (letter).