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.”

Serious Thanks!

One Response

  1. Joe Grossberg December 4, 2003