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Words: | Submitted: Tue Oct 17 2006
... that tariffs were needed in order to manage Europe, South Korea and Japan, who were the worst in regard to excess capacity. Conversely, White House Economic Adviser, Lawrence B. Lindley, cautioned that raising tariffs would only make U.S. manufacturers less competitive because it would raise prices, and Secretary of State Colin Powell noted that this move would alienate coalition partners of the war on terrorism. The European Union (EU) retaliated on March 27, 2002, by imposing similar tariffs on steel imports to attempt to prevent a flood of steel imports into the EU. EU President Romano Prodi urged President Bush not to proceed with his "protectionist measures" (CNN.com, 2002). Intended to last for three years, President Bush ended the tariffs on December 4, 2003, one month after the World Trade Organization's court declared the tariffs to be a violation of global trade laws. U.S. trade Representative, Robert Zoelleck declared the ...
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