Report: Tariff Cost Ports Money, Jobs

Friday, January 12, 2007
According to reports, a 20-month tariff on imported steel resulted in a loss of 9.3m tons of the metal and more than 2,000 jobs at U.S. ports, according to a new report from a maritime economics consulting firm.

The study by Martin Associates of Lancaster, Pa., commissioned by the American Institute for Imported Steel and the first to document the economic impact of the tariff, found that the trade restriction kept about 424,000 tons of steel and iron from going through U.S. ports in 2002 and 2003. The metals were instead shipped to other countries. The data will be used to oppose future tariff threats and to educate policymakers, said David Phelps, president of the AIIS. Phelps, who was in New Orleans this week, presented the results along with Port of New Orleans President and Chief Executive Gary LaGrange.

In March 2002, a tariff of as much as 30 percent was placed on some specific forms of imported steel to help the struggling domestic steel industry compete with less expensive foreign steel. The tariffs were bad news for ports that handle imported steel, including the Port of New Orleans, where steel imports accounted for 40 percent of general cargo revenue. At the local port, steel imports fell 46.5 percent in 2003 to a historic low of 1.9 million tons, according to port data. In that time, the port also lost about

Nationwide, the tariffs caused a job loss of 2,380, according to the report, which studied the impact on the ports of New Orleans, Houston, Philadelphia, the Great Lakes and the twin ports of Los Angeles and Long Beach, which combine to handle about 75 percent of the nation's imported steel. The decline also resulted in a loss of $360 million in revenue at the ports, the study said.

The data is conservative, the report said, because exporters, anticipating the tariffs, likely began diverting steel from the U.S. ports months before the restrictions went into place. President Bush rescinded the restriction 20 months later after the appellate body of the World Trade Organization in 2003 ruled them illegal and the European Union threatened to slap the United States with $2.2 billion in retaliatory taxes. Source: Newhouse News Service

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

Miami Tugboat Oil Spill: Coast Guard Respond

The US Coast Guard says that its crewmembers are responding to a fuel spill in the vicinity of Government Cut in Miami, following a leak discovered aboard the 95-foot tugboat 'Neptune'.

China Homeport for Latest Giant RCI Cruise Ship

Royal Caribbean International says that its latest cruise ship, 'Quantum of the Seas', will make its home port in Shanghai (Baoshan), China The ship will reposition to China in May 2015,

California Port Seeks Public Feedback on Expansion Plans

The Port of San Diego apprises it is to host separate open house events for the public to provide feedback on its long-range vision and 'Integrated Port Master Plan Update' process.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Pod Propulsion Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0970 sec (10 req/sec)