A bill to provide import relief for the specialty steel industry.
Specialty Steel Fair Trade Act - Establishes quotas on imports of stainless steel and alloy tool steel. Sets forth the method for calculating the quotas.
Authorizes the President to negotiate agreements allocating portions of the U.S. imports of such steel products among supplying countries.
Directs the Secretary of Commerce to administer the import limitations established by this Act. Authorizes the Secretary to take certain actions to avoid disruption of regional markets.
Directs the Secretary to report to Congress four and one-half years after enactment of this Act on whether the quotas should be continued, modified, or revoked and on the effects of the quotas established by this Act on the: (1) economic soundness and employment opportunities in the speciality steel industry; (2) general economy; (3) U.S. balance of payments; and (4) national security.
Requires the quotas to continue in effect for at least five years after enactment of this Act.
Referred to House Committee on Ways and Means.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Committee on Finance requested executive comment from OMB; International Trade Commission; Office of U.S. Trade Representative; Treasury Department; State Department; Commerce Department.
Subcommittee on International Trade. Hearings held.
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