The US Steel Industry in 2004: Still in Need of Protection? |
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Excerpts Contd...Protectionism vs. Free Trade
Trade WarsAs expected, the imposition of Section 201 tariff measures by the president was vehemently opposed by the US's major trading partners including the European Union (EU), Japan, Brazil, South Korea and other countries, and they complained to the WTO Appellate Body. The EU even threatened to impose tariffs upto 100 percent on US imports valued at $435 million unless the US government dropped the tariffs... Section 201 Tariff Measures LiftedIn December 2003, the president lifted the tariffs, thus avoiding a trade war with the EU and Asian countries. Announcing the lifting of the tariffs, the president said, "I took action to give the industry a chance to adjust to the surge in foreign imports and to give relief to the workers and communities that depend on steel for their jobs and livelihoods. The safeguard measures have now achieved their purpose, and as a result of changed economic circumstances, it is time to lift them."...
Exhibits
Exhibit I: Domestic Production, Exports and Imports of Steel in the US |
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