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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."

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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