WASHINGTON, D.C. – Yesterday, Senator Jim Banks (R-Ind.) delivered the keynote address at a dinner for the American Iron and Steel Institute. Below are key excerpts from his remarks:
On the steel industry in Indiana:
“Our state is home to a lot of your members’ facilities as well as numerous distributors, recyclers, and engineering firms. Your industry supports 192,000 Hoosier jobs and $56 billion of economic activity in the state. With these stats, it’s no surprise that the steel industry is the 3rd largest industry in our state. While the auto industry ranks 1st, we all know auto and steel are one in the same. The steel industry is an indispensable powerhouse for Indiana.”
On President Trump’s agenda:
“President Trump saved the steel industry during his first term. But over the last four years, we’ve been backsliding as China and others have punched holes in American tariffs while the Biden administration turned a blind eye. Thankfully, the America First Trade Policy that the Trump administration has laid out recognizes how vital the steel industry is for our prosperity. Yesterday’s tariff announcement is a big part of that. The President recognizes that the status quo is not working. He knows we need to reinvigorate our trade agenda to promote investment, productivity, security, and make sure our producers are treated fairly. Trump was the first President of my lifetime to hold China accountable for taking our jobs. He brought manufacturing back to Indiana and boosted wages for hardworking Hoosiers. Trump saved the American Dream.”
On competing with China:
“The days of America Last are over. We also need to increase section 301 tariffs on China and make sure we catch Chinese companies that move their production to other countries. We need to continue tax policies that support research & development and capital investment to make sure our steel industry stays cutting edge. As you all know, steelmaking is a high-tech and a hard-tech business. Democrats allowed America First tax policies to expire, but I’m working to bring them back. If we don’t make these investments, we’ll fall behind China. That’s a national security issue just as much as an economic one.”
On preserving and protecting Hoosiers’ jobs:
“Make no mistake, I want to preserve an American iron and steel industry that competes head-to-head with any country in the world. I want to increase utilization and restart idled plants. I want to innovate but never abandon virgin steel production. In the America First agenda, I want the steel industry to support a new Golden Age of manufacturing. It’s not good enough to prop up a few key companies for a couple of years. Even if the deal looks good on paper, that’s not going to protect Hoosier steel jobs in the future. We need a generational guarantee that our supply chains, our workers’ interests, and our national security will be protected.”
More on the speech can be found here.