The Association of International Automobile Manufacturers Applauds Repeal of U.S. Steel Tariffs

ARLINGTON, Va., Dec. 4, 2003 -- The Association of International Automobile Manufacturers, Inc. (AIAM) applauds President Bush's decision to remove the tariffs on imported steel, imposed in March 2002 following a determination that imports were injuring the U.S. steel industry.

AIAM President and CEO Timothy C. MacCarthy characterized the President's announcement today as "a decision that is legally, politically and economically correct and one that will have an important, positive impact on the U.S. economy."

MacCarthy added that "while the temporary tariffs may have helped the steel industry adjust to new competitive conditions, they also have harmed steel consuming industries, including motor vehicles manufacturers and their suppliers by artificially constraining supply and contributing to higher domestic prices." International automakers currently produce nearly three million cars and trucks each year in the United States. Ninety percent of the steel used in this production is purchased in the United States.

The Association of International Automobile Manufacturers (AIAM) is a trade association representing 15 international motor vehicle manufacturers accounting for 40 percent of all passenger cars and 20 percent of all light trucks sold annually in the United States. AIAM members have invested over $26 billion in U.S.-based production facilities, have a combined domestic production capacity of 2.8 million vehicles, directly employ 75,000 Americans, and generate an additional 500,000 U.S. jobs in dealerships and supplier industries nationwide. AIAM members include Aston Martin, Ferrari, Honda, Hyundai, Isuzu, Kia, Maserati, Mitsubishi, Nissan, Peugeot, Renault, Saab, Subaru, Suzuki and Toyota. AIAM also represents original equipment suppliers and other automotive-related trade associations. For more information, visit www.aiam.org.