Ramstad Introduces Legislation to Repeal Illegal Trade Subsidy

Ramstad Introduces Legislation to Repeal Illegal Trade Subsidy
March 8, 2005

WASHINGTON - Ways and Means Committee member Jim Ramstad (MN-3) introduced legislation to repeal the Continued Dumping and Subsidy Offset Act (CDSOA), also known as the "Byrd amendment."

"The Byrd amendment is bad trade policy and bad fiscal policy and ought to be scrapped," said Ramstad.

The legislation was introduced in response to a World Trade Organization (WTO) ruling against the law and a report by the Congressional Budget Office (CBO) describing damages to the U.S. economy caused by the law. Ways and Means Trade Subcommittee Chairman Clay Shaw is an original cosponsor.

"The CBO report showed that this illegal trade subsidy provides incentives for companies to seek anti-dumping and countervailing duty rewards rather than seeking new markets for their products," said Ramstad. "This is time, effort and capital that is being wasted chasing court cases instead of contributing to our economy and creating jobs."

"Unless we repeal the illegal Byrd amendment, American exports will be vulnerable to retaliation, and the U.S. will continue to face a difficult task convincing other countries to make their laws comply with international rules," said Ramstad.

http://www.house.gov/ramstad/pressreleases/2005_releases/byrd.htm