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Ms. Naheed Kirmani, Mr. Lorenzo L. Pérez, Mr. Shailendra J. Anjaria, and Mr. Zubair Iqbal

closer monitoring of sudden increases in steel imports (the anti-surge mechanism). Subsequently, the U.S. steel industry dropped its dumping complaints. Notwithstanding the efforts to protect and restructure the industry, U.S. steel production declined from 132 million tons in 1974 to 102 million tons in 1980; during the same period apparent consumption fell from 146 million tons to 118 million tons, and employment dropped by 18 per cent. Following the implementation of the trigger price mechanism, steel imports declined and their share in apparent consumption fell

Alexander J. Yeats

Former colonies pay premiums for iron and steel imports, seriously draining resources. A lack of competition amongst suppliers may be the cause Many empirical studies show that a lack of aggressive competition in domestic markets of industrial countries leads to higher prices, inflated profits, and a less efficient allocation of resources. Intuitively, economists assume this relationship also holds true for goods traded internationally. If so, the policy implications for developing countries are critical, as these nations must pay the lowest

International Monetary Fund. Western Hemisphere Dept.

national security implications of aluminum and steel imports under section 232 of the Trade Expansion Act of 1962. Canada accounts for some 15 percent of U.S. steel imports and almost 40 percent of aluminum imports but steel and aluminum products represent less than 2 percent of Canadian exports and imports. 3. In response, Canada introduced surtaxes on C$16.6 billion of imports of steel, aluminum, and 79 consumer products from the U.S, which the Canadian authorities indicate is equivalent to the value of 2017 Canadian exports affected by the U.S. tariffs . Steel

Alberto Cavallo, Ms. Gita Gopinath, Brent Neiman, and Jenny Tang

Contents 1 Introduction 2 Environment 3 US Imports 3.1 US Imports from China 3.2 Tariffs on Steel Imports 3.3 Summary of Results on US Import Tariffs 4.1 Data from the Largest US Retailers 4.2 Two Retailers with Country of Origin Information 4.3 International Comparisons: Evidence from Canada 4.4 Other Adjustment Margins: Front-Running and Trade Diversion 4 US Retail Prices 5 US Exports 6 Conclusion FIGURES 1: Import Price Indices, by China Tariff Wave 2: Frequency of Monthly Price Changes (Quarterly Averages) 3: Steel

International Monetary Fund

V. R ecent U.S. T rade and A gricultural P olicies and T heir I nternational I mplications 1 1. During the past year, U.S. trade policy has moved in apparently conflicting directions ( Box 1 ). The United States has promoted trade liberalization in the context of the 2001 Doha Ministerial Round, as well as in work toward regional and bilateral free-trade agreements. At the same time, however, recent U.S. tariffs on steel imports and hikes in agricultural subsidies have triggered threats of retaliation from trading partners and have raised questions