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Strategies & Market Trends : Commodities - The Coming Bull Market

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To: craig crawford who wrote (890)	10/24/2001 2:42:12 PM
From: craig crawford	Read Replies (1) of 1643

EU CONFIRMS IMPORTS NOT TO BLAME FOR US STEEL INDUSTRY WOES AS US INTERNATIONAL TRADE COMMISSION ANNOUNCES INVESTIGATION FINDINGS eurunion.org The European Commission today expressed strong concern and renewed disappointment as the United States International Trade Commission (USITC) issued the results of the first part of its investigation into the difficulties faced by the US steel industry, launched in June. The ITC now has two months to propose remedies to the US Government. These could lead to significant restrictions on US imports of steel from third countries. The US President will subsequently have to decide on whether or not to take action and whether to follow the ITC’s recommendations. Reacting to the news EU Trade Commissioner Pascal Lamy said, “We disagree with the ITC’s findings. We shall continue watch this matter closely. As I have said before, if the US decides to close its market as a result of this investigation it should be in no doubt that we will take this matter up in the WTO. Shifting responsibility for the problems facing the US steel industry onto the rest of the world by imposing protectionist measures will only make matters worse.” ......................................................................................................................... A preliminary analysis of the ITC conclusions by the EU suggests they are not soundly based and infringe WTO rules. Rather than establishing distinct categories at the outset and investigating each product separately, the ITC commissioners appear to have based their findings on differing product definitions (variously using between 6 and 33 product categories) with consequent effects on their injury findings and the data upon which these are based.

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