May 12, 2002

In a political economic context,

In a political economic context, Bush's steel tariffs stink. First, it protects inefficient domestic steel producers from adapting to a more competitive, international market. Second, it opened a Pandora's Box of protectionism. Democratic Senators won't give Bush fast-track trade authority unless he agrees to environmental and labor concessions. The new steel tariffs were suppose to help get fast-track through. Instead, it's embolden special interests while ticked off our major trading partners who are putting together retaliatory tariffs. The administration must abandon this path and move back to a principled advocacy for reduced trade barriers.

"Downhill on Trade" [via Global News Watch]