201 is deep-sixed.The Bush Administration has ended the Section 201 steel tariffs 16 months earlier than planned, primarily to avert a looming looming: see mirage. trade war with the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community and other nations. In public statements, the administration said the tariffs had accomplished their goal. "These safeguard measures have now achieved their purpose, and as a result of changed economic circumstances, it is time to lift them," a presidental spokesman said. The president also vowed that his administration would operate a tracking system to monitor steel imports "so that my administration can quickly respond to future import surges that could unfairly damage the industry." Rulings and strong comments against the tariffs by the World Trade Organization preceded the December announcement. Additionally, the EU and other nations had begun threatening billions of dollars in retaliatory re·tal·i·ate v. re·tal·i·at·ed, re·tal·i·at·ing, re·tal·i·ates v.intr. To return like for like, especially evil for evil. v.tr. To pay back (an injury) in kind. sanctions against the U.S. that included tarrifs on citrus fruit from Florida, textiles and farm machinery. While most domestic steel-makers favored the measures, opponents had included not only other steel producing nations, but also U.S. steel The United States Steel Corporation (NYSE: X) is an integrated steel producer with major production operations in the United States and Central Europe. The company is the world's seventh-largest steel producer ranked by sales (see list of steel producers). consumers. The Reuters news service speculates that ending the tariffs 16 months ahead of schedule could spark a political backlash against Bush in the 2004 election in key steel-producing states such as Ohio, Pennsylvania and West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. . |
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