In 2002, The Bush Administration Implemented A 30% Import Tariff On Imported Steel

- Apr 04, 2018-

In 2002, the Bush Administration implemented a 30% import tariff on imported steel

Policy Background: Prior to 2002, the import tariff rate for US steel was only 0 to 1%, and many steel companies in the United States went bankrupt due to the impact of overseas imports of cheap steel. In order to solve this problem, the President of the United States, George W. Bush, announced on March 5, 2002 that it will impose a tariff of 8 to 30% on imported steel, and Canada, Mexico, Argentina, Thailand, Turkey, and other countries will be exempt. This tariff policy was originally planned to continue into 2005, but after only a year or so of implementation, the US steel industry has also seen a significant increase in the number of unemployed people at the same time of integration. This may affect Bush’s 2004 general election. popularity. Many opposition voices have also emerged on the international front. Once European “threat” will impose tariffs on US$2.2 billion of products imported from the United States, and the states of Florida and Wisconsin, which are mainly targeted, are crucial for the Bush administration’s election[1]; the WTO is also In November 2003, it was pointed out that the import of steel from the United States had dropped during the period 2001-2002, so the United States violated the WTO's trade principles. Faced with both domestic and international pressures, the Bush Administration finally terminated this policy on December 4, 2003.