Alex's Outlook

Monday, November 10, 2003

WTO Levies $2.2B Fine on US Exports

The World Trade Organization has ruled that the steel tariffs Bush imposed two years ago are inconsistent with free trade, a.k.a. illegal. The EU now has the authority to start a full-blown trade war in about a month unless Bush eliminates the steel tariffs.

The EU's plans give great political cover to Bush. You see, Bush&Co. has wanted to eliminate the tariffs for a while, since they have destroyed more jobs than exist in the entire steel industry (which the tariffs were supposed to protect). I think the Bush Administration's flirtation with protectionism will soon end.

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