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Steel Quotas: A Rigged Lottery

Author

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  • Gary Clyde Hufbauer

    (Peterson Institute for International Economics)

  • Erika Wada

    (Peterson Institute for International Economics)

Abstract

One of the most bizarre bills making its way through Congress is the Visclosky steel quota bill (H.R. 975). H.R. 975 passed the House on 17 March, with 289 yeas and 141 nays. It is scheduled for a Senate vote on 22 June. If enacted, H.R. 975 would limit steel imports in a heavy-handed way that scarcely benefits workers, but enriches a few lucky firms, while violating international trade rules and draining the pockets of American households. If truth-in-labeling applied to legislation, H.R. 975 would be named the Steel Lottery Act of 1999. The annual cost to American households for each steel job saved would exceed $800,000. But steel workers would receive less than 20 percent of this huge sum; lucky firms would collect more than 80 percent of the jackpot.

Suggested Citation

  • Gary Clyde Hufbauer & Erika Wada, 1999. "Steel Quotas: A Rigged Lottery," Policy Briefs PB99-05, Peterson Institute for International Economics.
    • Handle: RePEc:iie:pbrief:pb99-05
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    File URL: https://www.piie.com/publications/policy-briefs/steel-quotas-rigged-lottery
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    Cited by:

    1. Lee, Hiro & van der Mensbrugghe, Dominique, 2005. "The impact of the US safeguard measures on Northeast Asian producers: General equilibrium assessments," MPRA Paper 82288, University Library of Munich, Germany.
    2. Boussard, Jean-Marc & Gerard, Francoise & Piketty, Marie Gabrielle & Ayouz, Mourad & Voituriez, Tancrede, 2006. "Endogenous risk and long run effects of liberalization in a global analysis framework," Economic Modelling, Elsevier, vol. 23(3), pages 457-475, May.
    3. Gary Clyde Hufbauer & Ben Goodrich, 2003. "Steel Policy: The Good, the Bad, and the Ugly," Policy Briefs PB03-01, Peterson Institute for International Economics.

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