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Letter and report from Douglas Holtz-Eakin, Director Congressional Budget Office regarding economic analysis of the Continued Dumping and Subsidy Offset Act of 2000 1 (March 2004)

handle is hein.congrec/cbo10421 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Douglas Holtz-Eakin, Director U.S. Congress Washington, DC 20515 March 2, 2004 Honorable Bill Thomas Chairman Committee on Ways and Means U. S. House of Representatives Washington, D.C. 20515 Dear Mr. Chairman: This letter and attachment are provided in response to your request of February 12, 2004, for an economic analysis of the Continued Dumping and Subsidy Offset Act of 2000 (Public Law 106-387), focusing on how that act benefits, harms, or distorts economic activity in the United States. Although it is not possible to provide a precise estimate of the effects of antidumping and countervailing duties on the economy, it is generally acknowledged that whatever gains might occur in terms of perceptions of the fairness of trade come at a cost in terms of lower output for the economy as a whole and lower overall economic well-being of the citizenry. The Continued Dumping and Subsidy Offset Act of 2000 increases that cost by providing incentives for more U.S. businesses to pursue more antidumping and subsidy complaints. The law subsidizes the output of some firms at the expense of others, leading to inefficient use of capital, labor, and other resources of the economy. It discourages settlement of cases by U.S. firms and will lead to increased expenditure of economic resources on administration, legal representation of parties, and various other costs associated with the operation of the antidumping and countervailing-duty laws. To the extent that other countries adopt comparable policies, the law may lead to further interference in the ability of U.S. exporters to compete in the global trading system. Finally, the World Trade Organization (WTO) Appellate Body has ruled that the act violates the WTO agreement, leaving the United States vulnerable to retaliation against its exports, although the amount of that retaliation has not yet been determined. www.cbo.gov

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