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mika · 03-06-2002, 06:25 AM

I would like to point out that the action is truely against FREE INTERNATIONAL TRADE. Maybe he just wants popularity , hell I dont know, and I dont care.

Quotes:

``This action was taken under the law which provides a limited time, in this case...three years for the internal industry to restructure,'' O'Neill told reporters accompanying him on a Mideast tour.

While the European Union has said it will file an immediate complaint against the U.S. move at the World Trade Organization and possibly retaliate, O'Neill said he hoped U.S. trade partners would take a second look at the matter.

``It's not, 'give us a pass for three years', it's 'provide us a window of opportunity for restructuring', and I think the way this is being implemented is going to take some of the pressure that would otherwise exist from the rest of the world community because of the steps of implementation that are going to be followed,'' the U.S. Treasury chief said.

The new tariffs cover 10 steel-product categories and range from eight percent to 30 percent. They take effect March 20 and are to be ratcheted down over three years. Imports from Mexico and Canada were exempted.

``I think hopefully this will work and will ease the process of restructuring in the U.S. industry and not cause a secondary reaction that will be negative for everyone outside of the steel industry,'' O'Neill said.

In response to a question, he said it should not hurt Bush administration efforts to push for freer global trade.

03-06-2002, 06:25 AM
mika Confirmed User Join Date: Sep 2001 Location: Finland Posts: 1,561	I would like to point out that the action is truely against FREE INTERNATIONAL TRADE. Maybe he just wants popularity , hell I dont know, and I dont care. Quotes: ``This action was taken under the law which provides a limited time, in this case...three years for the internal industry to restructure,'' O'Neill told reporters accompanying him on a Mideast tour. While the European Union has said it will file an immediate complaint against the U.S. move at the World Trade Organization and possibly retaliate, O'Neill said he hoped U.S. trade partners would take a second look at the matter. ``It's not, 'give us a pass for three years', it's 'provide us a window of opportunity for restructuring', and I think the way this is being implemented is going to take some of the pressure that would otherwise exist from the rest of the world community because of the steps of implementation that are going to be followed,'' the U.S. Treasury chief said. The new tariffs cover 10 steel-product categories and range from eight percent to 30 percent. They take effect March 20 and are to be ratcheted down over three years. Imports from Mexico and Canada were exempted. ``I think hopefully this will work and will ease the process of restructuring in the U.S. industry and not cause a secondary reaction that will be negative for everyone outside of the steel industry,'' O'Neill said. In response to a question, he said it should not hurt Bush administration efforts to push for freer global trade.