White House faces delicate economic-political decision on fate of steel ta

[Judi Lynn]

Posted on Tue, Nov. 11, 2003

White House faces delicate economic-political decision on fate of steel tariffs
LARA JAKES JORDAN
Associated Press

WASHINGTON - A global trade ruling against U.S. steel tariffs puts the White House in a political and economic squeeze as President Bush weighs the sanctions' fate - and his re-election prospects.

The White House was pummeled from both sides Monday after a World Trade Organization panel in Geneva declared the sanctions illegal. The European Union has threatened $2.2 billion in retaliatory sanctions if the tariffs, imposed in March 2002, are not lifted immediately.

"The decision undoubtedly confronts Mr. Bush with a test of wills," said Leo W. Gerard, international president of the United Steelworkers of America, which wants the tariffs to remain. "Will he exercise his sovereign right as president to protect the jobs and survival of the entire American steel industry, or will he knuckle under to the threat of economic blackmail being leveled by the European Union?"

The Bush administration criticized the WTO's appellate decision. The final verdict of the organization's highest tribunal, the decision upheld a similar ruling by the trade group during the summer. (snip/...)

http://www.ohio.com/mld/ohio/business/7232550.htm

[Don_G]

1. Surprise---China And Japan Are Joining The EU

Calling for an end to the steel tarriffs: http://ap.tbo.com/ap/breaking/MGAQ2TSKVMD.html

What's frightening about the situation is that both China and Japan along with Singapore are holding Trillions of the US outstanding debt. Dimbo is rapidly placing himself and our country between a rock and a hard place.