Abstract This research report focuses on various aspects of the U.S. government's imposition of steel tariffs. It discusses the benefits and costs of tariffs in general, and includes a history of government's support of the U.S. steel industry, details of the steel tariff 2002, why it was imposed, and its repercussions, both negative and positive. The paper also describes the research report which focuses on various aspects of the U.S. government's imposition of steel tariffs. It discusses the benefits and costs of tariffs in general, and includes a history of government support of the US steel industry, details of the steel tariff 2002, why it was imposed, and its repercussions, both negative and positive. The paper also describes the reaction of different countries including the European Union and the Asian countries to the imposition of the tariff, how they would be affected by the tariff, and what counter measures they have taken or can take in retaliation. It explores the long and short-term economic and political impacts of the measure, both at the internationally and domestic levels. The paper includes the ramifications of such protective tariffs on international trade and on the campaign for globalization and free market economy led by the United States and views of the World Trade Organization (WTO) on the US move and also discusses the reaction of different countries including the European Union and the Asian countries to the imposition of the tariff, how they would be affected by the tariff, and what counter measures they have taken or can take in retaliation. It explores the long and short-term economic and political impacts of the measure, both at the international and domestic levels. The paper also includes the ramifications of such protective tariffs.
From the Paper "The Bush administration announced the imposition of sweeping tariffs of up to 30% on steel imports to the United States for a period of 3 years in March 2002 purportedly to save the ailing steel industry from collapsing. Predictably, the action has invited particularly harsh criticism from the US trade partners that have been directly affected by the tax, i.e., the European Union, Japan, and China. Domestically too, the proponents of a free market economy have been no less critical of the measure, although the US steel industry, in general, has welcomed the move."
