Jason Sandefur

The World Trade Organization ruled that U.S. tariffs on steel violate global trade practices, according to the Associated Press. The ruling prompted the European Union and Japan, China, South Korea, Switzerland, Norway, New Zealand and Brazil to demand President Bush immediately lift the duties. The European Union threatened to impose billions of dollars in tariffs on U.S. products unless the Administration takes action, AP reported.
U.S. officials say they�ll file an appeal, which would take about four months to be ruled on.
Bush imposed tariffs of up to 30% on imported steel in March 2002 for a three-year period. The preferential trade practice is frequently viewed as a political move to win steel producing states� electoral votes in 2004.
The ruling is likely to be seen as good news for the fastener industry and other steel-consuming businesses, which formed the Consuming Industries Trade Action Coalition to urge Bush to repeal the tariffs. Ford Motor Co. has also denounced the trade remedy.
The U.S. International Trade Commission is currently conducting a midterm review of the tariffs� effects on steel consumers. The ITC report is due in September.
Steel executives have expressed optimism that the tariffs will remain in place for the full term. �2003 FastenerNews.com