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May 26, 2001
ROCKEFELLER, BYRD & DURBIN UNVEIL LEGISLATION TO STRENGTHEN U.S. TRADE LAWS
Bill Aimed at Leveling Playing Field
WASHINGTON, D.C. – Continuing his efforts to end the repeated import surges that have thrown the United States steel industry into crisis, Senator Jay Rockefeller (D-WV) today introduced "The Trade Law Reform Act of 2001" to update and strengthen U.S. trade laws. The bill, which is a broad package of trade reforms, would put American industries in a better position to respond to and stop illegal imports, and is also being sponsored by Senators Robert C. Byrd (D-WV) and Richard Durbin (D-IL).
"It has been far too long, well over a decade in fact, since the last general reform of our trade laws," Rockefeller said. "Current circumstances – particularly the ongoing steel crisis that has resulted in 18 American steel companies declaring bankruptcy since 1997 – demand congressional action so that companies, workers and communities are protected from unfair trade practices."
"As the steel import crisis has so dramatically shown, our current trade laws are not sufficient for dealing with abuses by our trading partners. Without these critical changes, every industry with foreign competitors is at risk of finding itself helplessly swept away by a flood of illegal imports," Rockefeller added.
Senator Byrd commented, "Our farmers and workers are among the most technologically sophisticated and efficient in the world. But to compete in the world, they need America's trading partners to play by the rules. The reforms in this legislation would help to restore a level playing field by allowing the federal government to respond more forcefully to illegal trade activities. It would also create a steel import monitoring mechanism so that American steel companies would have almost immediate information about emerging threats from foreign competitors."
The bill is a comprehensive effort to improve U.S. trade laws, and gives U.S. industries more leverage in responding to unfair trade practices. The bill would lower the standard by which an American industry is determined to be harmed by foreign imports, making it consistent with international law.
In addition, it would amend the antidumping and countervailing duty laws in order to eliminate unnecessary obstacles that put American manufacturers at risk compared with their foreign competitors. The bill would also create a steel import monitoring program so that the United States can respond more rapidly to import surges, such as the ongoing crisis in the steel industry that began in 1997. Several of the provisions have been part of legislation previously introduced by Senator Rockefeller and others.
"This legislation is needed to fix the shortcomings of U.S. trade law, and give American industry new tools to combat illegal imports," Rockefeller said. "Not only will it help industries defend themselves against dumping, but it will put other nations on notice that America is getting tough on imports. This step is long overdue. It is time we reaffirm our commitment to our country’s manufacturing base."
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