Word: steels
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That's lower than the up to 40% penalties Big Steel said it needed to survive a deluge of cheap overseas metal, but more than enough to provoke the outrage of Europeans, who fear that their manufacturers and workers have the most to lose as the world's second-largest net importer of steel, after China, starts turning ships away. (About 28%, by value, of steel imported by the U.S. in 2001 came from the E.U.; Japan, Korea and Russia were also hit by the tariffs.) Even British Prime Minister Tony Blair, who never met an American President he didn...
...them) are enforced. The E.U. is building a case to challenge the U.S. tariffs at the World Trade Organization, a process that could take nearly two years. In the meantime, Europe's biggest problem isn't really the business it stands to lose in America - Germany's ThyssenKrupp Steel, for example, says the tariffs will directly affect products that accounted for just 2% of its ?12.6 billion revenues last year - but the 2 million to 5 million tons of mostly low-priced steel, particularly from Asia, that could be redirected from the U.S. to Europe. Invoking the same wto safeguard...
...serene about this. "The Europeans will scream," a Bush administration official told TIME last week. "But coming from them, it's a little hard to take." As U.S. Trade Representative Robert Zoellick, heretofore regarded as one of the Bush team's great internationalists, pointed out, the Europeans subsidized their steel industry to the tune of $50 billion over the past 30 years...
Europeans reacted furiously to President George W. Bush's decision to slap up to 30% tariffs on imported steel, claiming the move flies in the face of the Administration's admonitions to other countries to get with the free trade program. But European countries are far from blameless when it comes to liberalizing their own economies...
...Camp X-Ray; his repudiation of the Kyoto climate accords in favor of voluntary compliance by U.S. industry; a refusal to lean on Israel, or even to engage deeply in the peace process, for six months as violence has soared; and his decision last week to set tariffs on steel imports, which violate trade rules, to score domestic political points - even though Bush's approval ratings are still stratospheric. The tariff move, on top of Bush's other unilateral steps, "is a huge, huge, huge error," says a British official, because it undercuts U.S. moral leadership just as Bush needs...