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Stalemate Avoided

Here's a novel concept: removing artificial trade barriers...

WASHINGTON (AP) - Facing the threat of a trade war, President Bush on Thursday lifted 20-month-old tariffs on foreign steel, a move that will hurt steelmakers in states critical in next year's election.

Within minutes of the announcement, the 15-nation European Union announced in Brussels that it was lifting its threat of sanctions on $2.2 billion of U.S. products that would have taken effect in mid-December based on a ruling from the World Trade Organization that the tariffs violated global trade rules. "These sanctions ... were there as a tool for compliance," EU Trade Commissioner Pascal Lamy said. "They've complied and the sanctions will disappear."

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Comments (1)

Yeah, they hurt the steelma... (Below threshold)

Yeah, they hurt the steelmakers ... but they benefit the steel consumers. You know, the entire electorate.


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