I understand, but I’m waiting to hear who scored the big money permanently by raising prices after they dumped. I know the Japanese had low prices, high quality, and efficient production. But they did not put U.S. steel out of business by dumping and then subsequently raising the price. I think they kept prices low, because the Koreans, Russians, and others were right behind them.
“Dumping”, a.k.a. low prices by comparatively more efficient competitors, may well have put the U.S. steel industry out of business. We also don’t make textiles. There has been lots of dislocation as old textile and steel workers were put out of work. Understood.
But that does not conclude the argument in favor of protection, or prove that dumping actually occurred. All it does is prove that a more price competitive entity won. We lost. Get over it.
The only proof that dumping would work is if it was followed quickly by high prices, which were not able to be undone by the next dumper. I am still standing by for (and amenable changing my opinion based on) historic examples where dumping actually worked in the long run for the dumper.
Foreign imports priced below their domestic price and sold in this country...drove steel out of business. You know this is true. You just think that American industry is not important.