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twitterTariffs help industry
Wednesday, March 5, 2003 | 10:05 a.m.
WASHINGTON -- Steep tariffs the government slapped on steel imports one year ago have given the battered domestic steel industry breathing room to regroup and consolidate, experts said Tuesday.
But steel imports actually surged in 2002, prompting U.S. manufacturers and labor unions to worry about signals that the Bush administration might undermine, if not completely wipe out, the tariffs.
"After one year, the results have been solidly positive," said Peter Morici, an economist and professor at the University of Maryland. "The industry has already undergone substantial consolidation, and is beginning the process of restructuring and rationalizing production.
"However, this process has only just started," Morici warned.
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