August 18, 2003

Steel Tariffs Continue

The International Trade Commission voted to extend steel tariffs for five years. While this seems good for American steel manufacturers (they now claim 89% of the domestic market) overall, it hurts an already weak economy. Caterpillar wants the tariffs lifted to grow manufacturing jobs, and consumers end up paying more for steel-based products. The U.S. has already lost a WTO case, so if President Bush maintains these trade restrictions the integrity of that body could be at stake.

"U.S. Agency Votes to Extend Curbs on Steel From China, Russia" [via BushBlog]