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Statement About Voluntary Restraints by Foreign Steel Producers To Limit Exports to the United States

May 06, 1972

I AM pleased to announce that the steel producers of Japan, the European Community, and the United Kingdom have expressed their intention to restrain on a voluntary basis their exports of steel mill products to the United States during the next 3 years.

This welcome development--which will lead to the preservation of jobs in our domestic steel industry--successfully concludes more than a year of discussions.

For some time, I have been deeply concerned about the serious problem that excessive imports have posed for our steelworkers and our steel industry. Consequently, I directed that efforts be made to limit the impact of steel imports.

The Deputy Under Secretary of State for Economic Affairs, Nathaniel Samuels, undertook discussions with the Japanese and European steel producers with respect to their renewal---on improved terms---of the voluntary restraints on steel exports.

After more than a year's effort, Mr. Samuels has succeeded in this important endeavor. The Secretary of State has advised me that he has received communications from the steel producers in these countries in which they pledge a 3-year restraint--with improved terms--of their voluntary limits on their steel exports to the United States.

This undertaking represents a substantial improvement over the arrangements of the last 3 years and will enable domestic steel producers to make their plans with confidence that imports will not be disruptive in the domestic market. It will help preserve the jobs of American steelworkers.

I am especially pleased that this undertaking was reached on a voluntary basis. Such statesmanlike cooperation is vital to our mutual efforts to build a more equitable and a more progressive system of international trading arrangements.

Note: On the same day, the White House released the texts of letters to the Secretary of State from the Associations of the Steel Producers of the European Coal and Steel Community (ESGS) and the Association of Steel Producers of the United Kingdom, and from the Japan Iron and Steel Exporters' Association on their intention to limit exports of steel to the United States. A White House announcement of the voluntary restraints agreement was released on the same day and is printed in the Weekly Compilation of Presidential Documents (vol. 8, p. 824).

The White House also released a fact sheet and the transcript of a news briefing on the voluntary restraints agreement. Participants in the news briefing were Nathaniel D. Samuels, Deputy Under Secretary of State for Economic Affairs, and Stanley Nehmer, Deputy Assistant Secretary of Commerce for Resources.

Richard Nixon, Statement About Voluntary Restraints by Foreign Steel Producers To Limit Exports to the United States Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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