WTO Panel Rules Against Bush Tariffs
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The World Trade Organization ruled that steel import tariffs the U.S. levied a year ago are illegal, dealing a blow to the Bush administration’s plan to rescue domestic producers. The U.S. said it would appeal.
The preliminary decision by a three-member panel may undercut the ability of U.S. steelmakers such as U.S. Steel Corp. and International Steel Group Inc. to cut production and labor costs and make their enterprises profitable.
The European Union, Japan, Brazil, China, Canada and other nations had complained to the WTO that the levies, meant to protect U.S. producers from surging imports, came as shipments were on the decline.
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