Friday, December 05, 2003

Steel Tariffs End at Midnight

The president has declared that the 21 month-long steel tariffs has given the U.S. industry a chance to consolidate and modernize and are no longer needed due to "changed economic circumstances."

"I strongly believe that America's workers can compete with anyone in the world as long as we have a fair and level playing field," Bush said in a statement.

The European Union had drawn up a $2.2 billion retaliation list targeting a wide range of products from key election states such as Florida, California, Louisiana and the Carolinas.

Within minutes of the president's announcement, the EU said it was withdrawing its list of targeted products.

William E. Gaskin, head of the Consuming Industries Trade Action Coalition Steel Task Force, called the ending of the tariffs the "right decision for the 13 million workers in steel consuming industries ... and the overall U.S. economy."

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