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IN BRIEF / TRADE

U.S. Will Extend Tariff Exemptions

July 04, 2002|Bloomberg News

The U.S. said it will extend the process of excluding certain steel imports from tariffs of as much as 30%, a step that may head off a $350-million retaliation by the European Union.

Although the exclusions were scheduled to conclude Wednesday, the Bush administration will continue the process on a "rolling basis" through August because of the volume of requests from U.S. steel importers and foreign producers.

The EU will challenge the tariffs at the World Trade Organization, saying they break global trade rules. Europe has been joined in its WTO challenge by other countries, including Japan, China, South Korea and New Zealand.

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