Word: tariffs
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...prisoners at 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...
...care obligations of its takeover targets--estimated at $13 billion over the actuarial lifetimes of retirees. At Bethlehem Steel--operating under Chapter 11 protection since October--13,000 workers now support benefits for 130,000 recipients. Much of the money, the steelmakers say, could come from revenues generated by tariffs on imported steel. "If we get tariff relief and legacy-cost relief, you're taking money from importers who caused injury and sending it to retirees," says Bethlehem's recently installed CEO, Robert Miller, who helped Chrysler win a government bailout...
...Internally, Bush's economic, foreign and trade policy advisers are warning the President that a high tariff could spark a nasty trade spat with U.S. allies. But most of his domestic and political advisers are telling him protecting U.S. steel is the right thing to do. Bush may try to split the difference with a modest tariff, but both the union and the manufacturers insist that a half-measure won't suffice. One sign that Bush takes the issue seriously: He added it to Vice President Dick Cheney's portfolio. The steelworkers will hold a rally this week in Washington...
...that time need to stop borrowing from state banks to cover their losses, and either learn to compete or fail. To emerge from their predicament--they take people's good money as deposits but make bad loans--the banks must channel that money to productive entrepreneurs. The average tariff on all products will gradually dip below 10%, from 44% in 1991. Nontariff barriers like quotas and licensing will also ease; still harder to eliminate will be such thorns as impromptu road taxes and directed purchasing meant to support local businesses...
...question is, How can we more quickly and evenly spread the wealth that comes from trade? One important point: this is not a question best answered in a fit of rich-world guilt. The World Bank reports, "More than 70% of the tariff burden faced by manufactured goods from developing countries is now imposed by other developing countries." It follows that one way in which wealth can be spread more equitably is for poor countries to help themselves by reducing trade barriers...