President Bush lifts steel tariffs
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Manufacturing News, Source : TheManufacturer.com
Published : 04 Dec 2003 22:15
President Bush lifted foreign steel tariffs today, prompting the European Union to drop their threat of heavy sanctions on US goods.
The EU had threatened to place heavy import duties on products from politically-sensitive US states, such as Florida oranges, in a effort to pressure the Bush administration into pushing for repeal. The lifting of the tariffs, however, could hurt Bush's re-election prospects in states that are home to steel manufacturers, such as Pennsylvania, Ohio, and West Virginia.
“I took action to give the industry a chance to adjust to the surge in foreign imports and to give relief to the workers and communities that depend on steel for their jobs and livelihoods,” said President Bush in a statement. “These safeguard measures have now achieved their purpose, and as a result of changed economic circumstances it is time to lift them.”
The European Union had threatened $2.2 billion in duties on its US imports if the US did not repeal the steel tariffs quickly. The Bush administration had claimed the steel tariffs were necessary to protect US steelmakers from a flood of cheap steel imports. The tariffs had been in place for 20 months.
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