Pulled off some random website:
Pulled off today's Yahoo/Reuters news stories:
"... the Smoot-Hawley Tariff raised taxes on imported goods as high as 60 percent. Not only did this burden American consumers with another tax, but it effectively killed international trade. Soon all nations were raising tariffs and rushing behind the walls of protectionism. The subsequent collapse of international trade caused the Great Depression."
[url]http://story.news.yahoo.com/news?tmpl=story&u=/nm/20020327/ts_nm/trade_steel_dc[/url] Uh oh?
BRUSSELS (Reuters) - The European Union (news - web sites) threw up protective barriers for its steel markets Wednesday as part of a new trade dispute with the United States, but said it wanted to avoid a more global political battle with Washington. The dispute centers on new steel duties imposed by the United States last week, which have infuriated the EU and Asia. The European Commission (news - web sites), the EU executive, said it would hit back by slapping tariffs of its own on steel to protect itself from a surge of shipments barred from the United States. China also piled pressure on the United States by joining the EU, Japan and South Korea (news - web sites) in filing a complaint at the World Trade Organization (news - web sites) (WTO) to get the U.S. duties scrapped.
What the hell is the matter with Bush? I vote Republican first and foremost because they are (ostensibly) in line with my neoliberal law-of-the-jungle school of economics, which means free trade, low taxes, and as little regulation as possible. WTF is up with these protectionist tariffs for the fricking steel industry, and now this BS with Canadian lumber? Thank god there's a WTO that can (hopefully) redress these horrible transgressions Bush has made to favor business interests here that donate to the RNC. I am VERY pissed off.