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Tariff on imports - a must for local manufacturing to survive, says USBIC
14 Apr '06
1 min read
US Business and Industry Council (USBIC) is requesting the government to impose anti-dumping duties on all imported goods to strengthen the flagging domestic manufacturing sector.
The council says that some industries lost more than 70 percent of their US market from 1997 to 2004 due to imported goods.
According to USBIC research, the country suffered trade deficit worth $68.5 billion in January. To lower this deficit, government intervention is necessary, the USBIC study states.
Research also revealed that some manufacturing sectors have lost between 50 and 98 percent of their market share to foreign imports, with electronic storage and machinery tools among the top losers.
The research uses import figures to examine the trade deficit, which give a complete picture of the country's manufacturing misery.
It claims that textile sectors, pharmaceutical preparations, telecommunications hardware, computers, broadcasting, wireless communications and environmental controls have seen erosion of more than 50 percent of their US market to imports.
The council says that some industries lost more than 70 percent of their US market from 1997 to 2004 due to imported goods.
According to USBIC research, the country suffered trade deficit worth $68.5 billion in January. To lower this deficit, government intervention is necessary, the USBIC study states.
Research also revealed that some manufacturing sectors have lost between 50 and 98 percent of their market share to foreign imports, with electronic storage and machinery tools among the top losers.
The research uses import figures to examine the trade deficit, which give a complete picture of the country's manufacturing misery.
It claims that textile sectors, pharmaceutical preparations, telecommunications hardware, computers, broadcasting, wireless communications and environmental controls have seen erosion of more than 50 percent of their US market to imports.
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