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Politics : Foreign Affairs Discussion Group

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To: FaultLine who started this subject	5/31/2002 12:00:08 PM
From: Elsewhere	Read Replies (1) of 281500

U.S. Feels the Pain of Steel Tariffs As Prices Rise, Supply Is Reduced By Neil King Jr. and Robert Guy Matthews Staff Reporters of The Wall Street Journal May 31, 2002 online.wsj.com WASHINGTON -- Less than three months after the Bush administration suggested its stiff new tariffs on steel imports would have only a limited impact on prices, the levies are sending waves of pain through America's manufacturing sector -- including steep price increases, supply shortages and layoff threats. "The Bush administration just assumed that people could eat this -- that it would be no big deal," says Charles Blum, a consultant who advises U.S. middlemen who buy and sell steel domestically. "But it has become a big deal very fast." Mr. Bush's advisers, watching the effects warily, now concede that they have been taken by surprise. Along with their own studies, they point to the advice the steel manufacturers offered before the tariffs were announced on March 5. Thomas Usher, chief executive of U.S. Steel Corp., told the Senate in February that the levies "will only result in modest and reasonable price increases." ... Hyperlinks in this Article: Japan Joins EU in Plans to Slap Tariffs on Imports of U.S. Steel 05/17/02 online.wsj.com Foreign Steelmakers Use Tariffs as Justification for Price Increases 05/10/02 online.wsj.com EU Threatens Imminent Retaliation for Steel Tariffs 04/17/02 online.wsj.com U.S. Steelmakers Increase Prices as Supply Tightens, Tariffs Loom 03/27/02 online.wsj.com EU to Target GOP's Swing States in Payback for Tariffs 03/22/02 online.wsj.com

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