EU vs. U.S. in a never-ending ’trade tit-for-tat'

EU vs. U.S. in a never-ending ‘trade tit-for-tat’

The UK is still holding out hopes for special exemptions from the U.S. on its foreign steel products in what many term as an ’escalating trade war.' UK Trade Secretary Patricia Hewitt seems to be maintaining her optimism and is urging the Bush administration to grant hefty exclusions to EU firms. So far, 12 firms, including the largest steelmaker, Corus requested their steel products be excluded from the May 20 deadline. The U.S. faces $360 million in retaliation tariffs from the EU if they don't grant exemptions or compensation.