Score one for the free market: US dumps most of its steel tariffs
Six automakers including General Motors, Ford, DaimlerChrysler, Honda, Nissan and Toyota lobbied hard for this outcome and were extremely pleased yesterday, despite not getting tariffs lifted against steel imported from Germany and Korea, tariffs on both of which will remain in place until reviewed again in 2011.
The rising cost of raw materials, steel in particular, has been a constant thorn in the side of our own domestic auto industry, the members of which are busy trying to orchestrate complex turnarounds at the moment. Hopefully market prices for steel will begin to drop as competition to sell this all-important ingredient in modern day cars heats up again.
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