December 19, 1984

The President today is announcing agreements with seven countries -- Japan, Korea, Brazil, Mexico, Spain, Australia, and South Africa -- to establish limits on the importing of their steel to the United States.

On September 18, 1984, the President announced his decision to deal with unfair trade in steel by seeking negotiated agreements with major steel suppliers within a 90-day period. The 90 days ended yesterday. Today the President is very pleased with the successful conclusion of these negotiations, carried out by his United States Trade Representative. He considers these agreements to be a step in the right direction.

We believe that overall steel import penetration of the U.S. market will decline significantly as a result of these agreements and that the U.S. steel industry will be able to compete in the world markets.

Note: Larry M. Speakes read the statement to reporters assembled in the Briefing Room at the White House for his daily press briefing, which began at noon.