Agence France Presse | Nov. 17, 2003
WASHINGTON (AFP) - US Treasury Secretary John Snow said that Washington's steel tariffs ruled illegal by the World Trade Organization "served a useful purpose," but gave no hint on the administration's response to the decision.
"The president's decision is being awaited," Snow told CNBC television when asked about how President George W. Bush will respond to the WTO decision earlier this month on the US steel tariffs.
"I wasn't part of that administration when they were (put in place), but I think they served a useful purpose for that time."
Bush is facing increasing pressure to drop tariffs, with some reports saying many of his advisers calling for the duties to be rescinded.
Bush had imposed the tariffs following pressure from the domestic steel industry, which complained cheap imports were destroying US jobs. Many US steelmakers are located in states seen as important for the 2004 presidential election.
Charles Grassley, chairman of the Senate Finance Committee, said in a letter to Bush dated Friday that the tariffs had already cost US businesses and workers over 680 million dollars since their imposition.
The United States lost its appeal on Monday to the World Trade Organization on the legality of the tariffs and is now subject to 2.2 billion dollars in retaliatory sanctions from trade partners.Agence France Presse:
