Word: steeled
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...chastised by an international institution, but this time, Bush deserved it. The World Trade Organization (WTO) was entirely correct last week in ruling that the heavy steel tariffs imposed by the Bush administration in 2002 are blatantly illegal under the free trade rules to which America has agreed. Revoking protections for America’s domestic steel industry would be politically risky for Bush—the industry is concentrated in key swing states Ohio, Pennsylvania and West Virginia—but the president needs to place multilateral cooperation over electoral calculations and tear down this American-made wall against...
...heavily favoring steel-producing states, Bush is ignoring the national and global harm inflicted by the patently protectionist measures he has imposed. Not only do American steel tariffs disadvantage workers in the steel sectors of Europe, Japan and other foreign nations; they also harm other U.S. sectors, such as automobile manufacturing, which are forced to pay inflated prices for their steel inputs. These higher prices are then passed on to U.S. consumers...
...course, exposing the domestic steel industry to international competition will mean that the price of U.S. steel will fall, and in the short term many steel workers may lose their jobs. The Bush administration has not been a provider of social support networks in the past, but it must now look after those steel workers who will be displaced by liberalization. By providing retraining services to these newly unemployed, the government may help to speed their transitions into new jobs that trade will create...
Hong Kong's restaurateurs would rather draw a veil over the past 12 months. The effects of SARS on the domestic and tourist markets saw many a steel shutter come down for good. Hundreds of staff were laid off (or worked unpaid). And at the height of the outbreak, going out for a meal was like visiting a clinic: a sober experience of sterile swabs and face masks. The arrival of an international culinary superstar and the continuing emergence of local ones are therefore a much needed boost for the city's recovering dining scene...
...their borders? History shows that protection not only closes markets, but also minds (Germany in the 1930s). Free trade guarantees more choice, lower prices, and ultimately more jobs. Protection is only afforded to special interests who can lobby the government for unwarranted aid, as is the case in the steel industry in the U.S. and in Europe. Alexander Law Paris, France...