On the recordMarch 17, 1999
Caterpillar urges you to vote against the Visclosky-Quinn Quota Bill (H.R. 975). The company strongly opposes the legislation because it not only would hurt our competitiveness in overseas markets, but would lead to direct retaliation against Cat exports. It also would establish a system that rewards countries that engage in unfair trade practices, undermines the international trading system and jeopardizes the global economic recovery. By imposing mandatory controls on steel imports from all countries--including fairly traded imports--the Visclosky-Quinn Quota Bill would severely restrict the availability of steel to U.S. manufacturers. When this type of protectionist scheme was attempted during the 1980s, it created an artificially restrictive steel market resulting in steel shortages and higher prices. At times Caterpillar had to fly-in steel from overseas just to keep our production lines running.
Source
govinfo.gov
