Amory Houghton: “I have been sort of a hard hat all my life about countries and industries taking advantage of the United States. One of…”

“I have been sort of a hard hat all my life about countries and industries taking advantage of the United States. One of the hardest things for me to have seen in terms of our basic materials are consumer electronics, things like that, where as countries come in and put our businesses out of business and yet at the same time we cannot get back into their countries. Now having said that, we must be careful in how we counterattack. The idea of banning steel I think is very, very risky. We have provisions in the trade law called 301 and super 301 as against dumping which we can enact. They are on the books; we can do something about it. Furthermore, even with the depreciation of the currency where there is no dumping at all there are opportunities to use section 201 which allows endangered industries to appeal and get some sort of relief. Those 2 provisions are on our books. We must use them, use those provisions. That is what the trade law was supposed to do.”