The U.S. International Trade Commission tossed an election-year grenade at the Reagan Administration last week. By a vote of 3 to 2, the commissioners recommended that the President impose sweeping new quotas and tariffs to protect many kinds of American steel products from foreign competition. In the case of semifinished steel, for example, the ITC suggested that a 20% tariff should be levied if imports exceed 1.5 million tons per year. Foreign shipments have captured about 26% of the American steel market. Trade experts estimate that the actions recommended by the ITC would...
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