AFX | July 11, 2003
The World Trade Organization has ruled President Bush's decision to impose up to 30 percent tariffs on imported steel violates global trade laws. In a 37 page ruling issued Friday, the WTO sided with the European Union, Japan and six other countries in their charge that the March 2002 decision to impose temporary tariffs on imported steel unfairly discriminated against its producers. The formal ruling follows an interim ruling issued earlier this year. But the ruling is not final and the U.S. announced shortly after the decision was made public that it would appeal the decision. "Where the panel found against the United States, we disagree, and we will appeal. In the meantime, the steel safeguard measures will remain in place," said Richard Mills, spokesman for U.S. Trade Representative Robert Zoellick, Bush's top trade negotiator. Bush initially announced that the tariffs would be imposed until 2005, with the possibility of a midsession review this autumn. A spokeswoman for the EU praised the decision. "We are happy to see that the WTO has confirmed what we maintained all through this process, that the U.S. safeguard measure is illegal," said Arancha Gonzales, spokeswoman for European Trade Commissioner Pascal Lamy. Brazil, China, South Korea, Switzerland, Norway and New Zealand also joined the suit. Shares of steel producers tumbled Friday after the WTO ruling. Nucor shares sank 57 cents to $47.93 after the ruling. U.S. Steel shares dropped 23 cents to $15.49. AK Steel gained 8 cents to $3.44.AFX:
