Thursday, March 07, 2002
Allies warn of retaliation, WTO case
The Associated Press
BRUSSELS, Belgium Leading U.S. allies and trade partners warned of retaliation Wednesday after the Bush administration slapped punitive tariffs on steel imports, pledging to fight a decision they said violates world trade rules.
The European Union and South Korea said they would challenge the United States before the World Trade Organization. China expressed strong dissatisfaction with the tariffs, and Japan and Australia were also considering complaints to the WTO, which oversees global trade.
The steel market worldwide is not the Wild West where everybody just does what they like, EU Trade Commissioner Pascal Lamy said after an emergency meeting of the EU's executive body. There are disciplinary rules.
Unwilling to wait months or years for a WTO ruling, the EU began planning more immediate measures to protect its own industry against steel diverted from the United States from pouring into its fragile market and driving down prices.
We have to exercise our right to protect our industry and our jobs, Mr. Lamy said. He said government ministers from the 15 EU countries would discuss measures Tuesday.
Italy said the EU should not wait that long. A WTO appeal is necessary, Italian Deputy Industry Minister Adolfo Urso said, but that must be accompanied by instant measures to defend the EU market.
Mr. Lamy also said the EU would also consider seeking compensation from the United States through retaliatory tariffs once damage to the European industry is quantified under WTO rules.
About two-thirds of the $4.5 billion worth of steel products the EU exports to the United States annually are jeopardized by the new tariffs.
P&G plan for Clairol completed
Tariffs raising factory costs
Chiquita buyout plan reported
Judge: Car buyers must pay again
Allies warn of retaliation, WTO case
New Enron chief says resurrection possible
Signs of economic rebound increasing
Tristate Summary
Morning Memo
What's the Buzz?