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European Union Threatens Retaliation Against Steel Tariffs

James A. Morrissey, Washington Correspondent</b><BR><BR>The European Union has announced plans to levy punitive tariffs on $2.2 billion worth of U.S. imports in response to the recently announced increased tariffs on steel imports into the U.S. The retaliatory hit list includes a number of textile and apparel products including woven fabrics, cotton denim, textured polyester yarns, home furnishings and made-up goods.<BR><BR>The steel tariffs created a firestorm at home and abroad, as importers said President Bush was abandoning his stance on free trade. He also was accused of selecting the stall tariffs because of the political significance of the major steel producing states. In response to the action, the EU has initiated a dispute settlement proceeding with the World Trade Organization (WTO), charging it will have the right to invoke retaliatory tariffs against U.S. products. If the EU wins its case its members could legally levy the punitive ta

By James A. Morrissey, Washington CorrespondentThe European Union has announced plans to levy punitive tariffs on $2.2 billion worth of U.S. imports in response to the recently announced increased tariffs on steel imports into the U.S. The retaliatory hit list includes a number of textile and apparel products including woven fabrics, cotton denim, textured polyester yarns, home furnishings and made-up goods.The steel tariffs created a firestorm at home and abroad, as importers said President Bush was abandoning his stance on free trade. He also was accused of selecting the stall tariffs because of the political significance of the major steel producing states. In response to the action, the EU has initiated a dispute settlement proceeding with the World Trade Organization (WTO), charging it will have the right to invoke retaliatory tariffs against U.S. products. If the EU wins its case its members could legally levy the punitive tariffs on textiles and other products.




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