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05/12/2003
EU claims victory after US scrap steel tariffs
The EU is claiming victory today after the US scrapped 30% tariffs it imposed on steel imports nearly two years ago.
In a statement yesterday, President Bush defended the tariffs, which were adopted on March 5 2002, saying he took action to give the [US steel] industry "a chance to adjust to the surge in foreign imports and to give relief to the workers and communities that depend on steel for their jobs and livelihoods".
The "safeguard measures" had achieved their purpose, and as a result of "changed economic circumstances" it was time to lift them, he said.
However, the repeal of the steel safeguards is combined with the introduction of a surveillance mechanism, so that the US can "quickly respond to future import surges" that could "unfairly" damage the industry.
Following 21 months of legal rancour, EU Trade Commissioner Pascal Lamy said that he was pleased the US had decided to "abide by their international obligations by lifting the illegal safeguards".
He added: "EU steel producers and workers will be relieved, as will those in the seven other countries which stood together with the EU in contesting these measures. But more importantly, this is a test case of how important is a rules-based international trading system for all of us.”
The EU, together with by Japan, Korea, China, Switzerland, Norway, New Zealand and Brazil, challenged the measures in the World Trade Organisation. The WTO panel decided that the US steel safeguards were in violation of WTO rules. On June 13 2002 the EU threatened to impose of $ 2.24 billion on US exports to the EU – but the US announcement came before counter-measures came into force.
The EU said that it will "closely monitor" the situation to ensure that the surveillance mechanism is applied in "full conformity with WTO rules".
Shortly after news broke that the tariffs would be removed, the Prime Minister's official spokesperson welcomed the move saying that the UK's concerns about the issue were "well known" and that No 10 had been "lobbying hard for some time to get the tariffs lifted".
(gmcg)
In a statement yesterday, President Bush defended the tariffs, which were adopted on March 5 2002, saying he took action to give the [US steel] industry "a chance to adjust to the surge in foreign imports and to give relief to the workers and communities that depend on steel for their jobs and livelihoods".
The "safeguard measures" had achieved their purpose, and as a result of "changed economic circumstances" it was time to lift them, he said.
However, the repeal of the steel safeguards is combined with the introduction of a surveillance mechanism, so that the US can "quickly respond to future import surges" that could "unfairly" damage the industry.
Following 21 months of legal rancour, EU Trade Commissioner Pascal Lamy said that he was pleased the US had decided to "abide by their international obligations by lifting the illegal safeguards".
He added: "EU steel producers and workers will be relieved, as will those in the seven other countries which stood together with the EU in contesting these measures. But more importantly, this is a test case of how important is a rules-based international trading system for all of us.”
The EU, together with by Japan, Korea, China, Switzerland, Norway, New Zealand and Brazil, challenged the measures in the World Trade Organisation. The WTO panel decided that the US steel safeguards were in violation of WTO rules. On June 13 2002 the EU threatened to impose of $ 2.24 billion on US exports to the EU – but the US announcement came before counter-measures came into force.
The EU said that it will "closely monitor" the situation to ensure that the surveillance mechanism is applied in "full conformity with WTO rules".
Shortly after news broke that the tariffs would be removed, the Prime Minister's official spokesperson welcomed the move saying that the UK's concerns about the issue were "well known" and that No 10 had been "lobbying hard for some time to get the tariffs lifted".
(gmcg)
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