As the global recession deepens, it appears that good old trade protectionism is returning to our shores. The Spectator reports today that the US $800 billion economic stimulus package is looking to ban imports of foreign steel.
The $819 billion US stimulus plan approved last night would bar the use of foreign steel in any infrastructure projects.
A Senate version, yet to be acted upon, goes even farther, requiring, with few exceptions, that all stimulus funded projects use only equipment and goods made in the United States.
That could have a direct effect on Canadian steelmakers, particularly Hamilton's US Steel and ArcelorMittal Dofasco operations.
It remains to be seen whether this will pan out, but it certainly can't be the last we'll see of such protectionist measures.
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