Nucor Corporation has announced it will halt production at its wire rod rolling mill in Connecticut, citing challenging market conditions created by a flood of low-priced imports from Canada, Greece, Mexico, Poland, and Ukraine.
Widely regarded as one of the nation’s leading experts on tariffs, industrial policy, economic modeling, and trade policy, Ferry’s contributions to CPA and the broader economic policy landscape have been transformative.
The Biden administration’s order followed a December 23 report by the Committee on Foreign Investment in the United States (CFIUS), which found that the acquisition posed unacceptable risks to America’s national security.
Mexico has been flooding the United States with underpriced steel — in clear violation of a 2019 agreement with Washington. The Biden administration did not address the problem; now, the coming Trump administration must act.
The continued influx of ever cheaper steel imports, particularly steel rebar and steel wire rod, is posing a serious threat to U.S. steel producers.
Earlier this month, Liberty Steel announced its decision to idle its wire plant in Peoria, Illinois after idling the steel mill rod mill operations there in October. Liberty Steel also suspended rod mill operations at its Georgetown, South Carolina facility earlier this year.
CPA is proud to support Chairman Smith as he continues to champion policies that prioritize American workers and to rebuild our nation’s productive capacity.
The November JQI fell substantially, decreasing by about 0.5%. One of the major reasons behind this decline is falling wages for Electrical equipment manufacturing and Support activities for air transportation.
Biden’s signature climate change-related spending policy, the Inflation Reduction Act, is said to be going under the knife once Trump takes office in January. But with Republican districts now full of solar, and solar manufacturing facilities, the real risk is changes to the so-called 45X tax credit.
The takeaway from the roughly 90 minute hearing titled “Rebuilding the Arsenal of Democracy” was that the government needed long term contracts and more money to build up defense systems because, based on war games conducted by the Center for Strategic and International Studies, the U.S. struggled to hold its own.
