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Bush imposes tariffs on steel imports
US President George W Bush announced on Tuesday tariffs of 8 to 30 per cent on steel imports for three years to protect the US industry.
US President George W Bush announced on Tuesday tariffs of 8 to 30 per cent on steel imports for three years to protect the US industry.
"Today the president announced a comprehensive, three-year plan to help the American steel industry and its workers get back on their feet," US Trade Representative Robert Zoellick said.
"First, the President is imposing tariff safeguards of 30 per cent on major steel products," he told a news conference.
The tariffs were stronger than those that had been recommended by the US quasi-judicial International Trade Commission and would extend for three years, he said.
It would exclude countries that have signed free trade agreements with the US such as Canada and Mexico, he said.
"This safeguard remedy gives the American steel industry some temporary relief from years of import surges and unfair trade practices that have hurt its ability to compete and to prosper," Zoellick said.
"Yet this safeguard only offers an opportunity that the steel industry and its workers will need to sieze. They need to use this breathing space to restructure and to regain competitiveness," he added.
Bush's decision was taken under Section 201 of the 1974 trade law, which lets the president impose punitive tariffs on imports found to have caused injury to the domestic industry.
A list of the measures showed 30 per cent tariffs on flat steel, hot-rolled bar and cold-finished bar and tin mill products - accounting for the bulk of imports.
Tariffs of 15 per cent were slapped on stainless steel bar, stainless steel rod, rebar and certain tubular products. Tariffs of 13 per cent were put on carbon and alloy fittings and flanges.
An 8 per cent tariff was put on stainless steel wire.
Imports of slab, which account for a large slice of imports, would face a quota of 5.4 million short tons. Above that level, they would face an import tariff of 30 per cent. Bureau Report
"Today the president announced a comprehensive, three-year plan to help the American steel industry and its workers get back on their feet," US Trade Representative Robert Zoellick said.
"First, the President is imposing tariff safeguards of 30 per cent on major steel products," he told a news conference.
The tariffs were stronger than those that had been recommended by the US quasi-judicial International Trade Commission and would extend for three years, he said.
It would exclude countries that have signed free trade agreements with the US such as Canada and Mexico, he said.
"This safeguard remedy gives the American steel industry some temporary relief from years of import surges and unfair trade practices that have hurt its ability to compete and to prosper," Zoellick said.
"Yet this safeguard only offers an opportunity that the steel industry and its workers will need to sieze. They need to use this breathing space to restructure and to regain competitiveness," he added.
Bush's decision was taken under Section 201 of the 1974 trade law, which lets the president impose punitive tariffs on imports found to have caused injury to the domestic industry.
A list of the measures showed 30 per cent tariffs on flat steel, hot-rolled bar and cold-finished bar and tin mill products - accounting for the bulk of imports.
Tariffs of 15 per cent were slapped on stainless steel bar, stainless steel rod, rebar and certain tubular products. Tariffs of 13 per cent were put on carbon and alloy fittings and flanges.
An 8 per cent tariff was put on stainless steel wire.
Imports of slab, which account for a large slice of imports, would face a quota of 5.4 million short tons. Above that level, they would face an import tariff of 30 per cent. Bureau Report