Word: steels
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President George W. Bush has always portrayed himself as a proponent of free trade. The imposition of heavy tariffs on steel imports announced this week runs counter to his usual free trade stance—and is a mistake. The trade barrier, which levies an import tax of up to 30 percent, is reminiscent of the protectionism of America’s isolationist age just before the Great Depression, and it marks a regression in this nation’s attempt to form a new, open global economy. While economists and academics in the United States proclaim the benefits...
...defending the administration’s decision, U.S. Trade Representative Robert B. Zoellick said, “The global steel industry has been rife with government intervention, subsidies and protection,” and explained that the American response served to counter the protectionism of other governments. In order to equalize trade opportunities, the administration should not raise America’s trade barriers, but rather continue to break down the barriers of other countries. American tariffs will only lead to retaliatory tariffs, which will weaken the international free market economy and possibly lead to a trade...
Policies to prop up the steel industry in the United States are understandable and laudable; steel is a vital national security resource, and it is imperative that the U.S. be able to produce its own steel in a time of war. The key to saving the steel industry, however, is not to prevent competition, but rather to seek ways to make the steel industry in the United States more efficient and more competitive. Direct government aid to the steel industry could spur the struggling companies to reduce production costs and increase competitiveness on the global market. The development...
George W. Bush sold his soul for West Virginia. His decision Tuesday to impose tariffs on imported steel unquestionably did damage to the U.S. and global economic recovery at a precarious time, adding inflationary pressures to steel-based products and killing jobs in steel-consuming businesses (eight for every one saved by the tariffs, according to a study financed by those same steel consumers). It bruised America's relations with its allies - the EU, Russia, South Korea, Brazil, Japan, China, Taiwan and even Australia are all hopping mad and promising a fight - and left his Administration's pro-trade credibility...
...Bush might have saved all this trouble by simply writing U.S. Steel, Bethlehem Steel and the other ailing domestic producers the up-to-$12 billion bailout check they wanted, allowing them to pay off those crippling "legacy costs," consolidate at will, and get back in fighting trim without affecting U.S. prices or global relations. But unless Bush changes his mind in the 30 days before the tariffs kick in, it's over. The decision is made, and the damage is done...