Bush administration to lift safeguard measures on steel imports

Bush administration to lift safeguard measures on steel imports

Bush administration has recently announced that tariffs on steel imports which have been in effect for 20 months will be rescinded as certain overseas countries which hold great importance for commercial and political affairs for the US have decided to implement retaliatory tariffs for a wide range of the products imported from the US. Recently EU and Japan have declared that, they will implement retailatory tariffs on the products imported from the US after World Trade Organization's (WTO) ruling against tariffs. It is not clear yet when the President will announce his determination on the lifting of tariffs, however according to some sources, the declaration of the termination of tariffs will be disclosed this week. The tariffs of 8% to 30% on the imports of certain steel products from Europe, Asia and South America were imposed by Bush administration in March 2002 to be in effect for three years.