Christopher Shays: “we do not fight illegal trade by passing illegal penalties. I rise in strong opposition to this illegal steel quota…”

“we do not fight illegal trade by passing illegal penalties. I rise in strong opposition to this illegal steel quota bill. Free trade is vitally important to the health of our economy, and we are in a position to lead and define a policy of free trade on a global level. We should not backtrack by erecting harmful barriers which will only increase the cost of goods and block economic development and growth. I understand the concerns of my colleagues who have witnessed the tremendous influx of steel imports during the last three years, but our trade laws are working, and this legislation is not necessary. According to the Census Bureau, from November of 1998 to January of 1999, steel imports have declined 93 percent in Russia, 49 percent in Japan, and 8 percent in Korea. In fact, not only is this legislation not necessary, but incredibly harmful to our consumers and our workers. CBO estimates this bill will increase prices to steel purchasers by nearly $1 billion. The bottom line is, the American steel industry leads the world in productivity because of competition, not protection. In my judgment, this bill will raise prices on consumers, adversely affect our businesses, harm our workers that use steel, and threaten the growth of our economy. I might end, Mr. Speaker, by saying this fabulous growth that our Nation has experienced over the last 10 years is due, in large measure, to one man, Ronald Reagan, and his economic policies. He welcomed free trade.”