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To: craig crawford who wrote (410)	7/2/2001 11:07:16 AM
From: craig crawford	Respond to of 1643

MONDAY JULY 02 2001 Bush to throw 'protectionist bombshell' at Europe thetimes.co.uk FROM CHRIS AYRES IN NEW YORK FEARS are growing that President Bush could throw a “protectionist bombshell” at Europe in retaliation for it blocking the $42 billion (£30 billion) acquisition of Honeywell International by General Electric ................................................................................................................................ The most likely target of US protectionism is the European steel industry. President Bush last week angered the EU by using section 201 of the 1974 Trade Act to launch a six-month investigation into the impact of European imports on the struggling US steel industry. If the investigation finds that imports are harming the US, President Bush can impose quotas on imports, punitive tariffs and other protectionist measures. This could have a devastating effect on European steelmakers, including Britain’s Corus, which export about five million tonnes of finished steel products to the US a year. ..................................................................................................................................... Imposing tough sanctions on European steel imports would be a popular move for President Bush in the US. The Speciality Steel Industry of North America, said last week: “We believe that substantial dumping continues in the US marketplace. We will closely monitor developments and, if and when appropriate, will ask the Administration to initiate additional section 201 cases on affected products.” Washington and Brussels are already involved in a related row over steel duties. The EU has threatened to take the US to a WTO dispute panel over its “anti-subsidy duties” on steel imports from about 16 European companies. The EU won a similar WTO case last year against the US over duties on imports of leaded bars produced by Corus.