A healthy, growing manufacturing industry is essential for good, middle-class jobs, for broadly shared prosperity in the US, and for long-term economic growth. Manufacturing is essential for national security, health security, and a robust, resilient supply of many essential and non-essential goods.
The US must make the US dollar competitive again, rebalance trade, and support US manufacturing with effective Buy American policies to relaunch manufacturing growth. We must use tariff policies where required against foreign predation, dumping, IP theft, and other anti competitive policies of foreign governments. We must use targeted industrial policies when necessary to support industries deemed essential for national security or economic security.
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.
Now that we have re-elected President Trump for a second term to work on achieving his goal of Making America Great Again, it’s time to focus on how to rebuild America’s manufacturing industry because we can’t be great again without a strong domestic manufacturing industry.
