EU abandons steel war sanctions
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Manufacturing News, Source : TheManufacturer.com
Published : 26 Sep 2002 8:48
The European Union has decided to back down from a plan to impose sanctions on the United States as a punishment for high tariffs on steel imports, the BBC reported today.
The US sparked a global trade dispute in March when it imposed extra duties of up to 30 per cent on foreign steel imports claiming they were unfairly subsidised.
The EU's executive body has now decided against going ahead with sanctions worth more than $300m. The European Commission had given itself until the end of September to decide whether to slap on the sanctions.
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