Subject Macroeconomic Environment of Business

2. INTERNATIONAL TRADE AND THE WTO 2

In March 2002 the United States Government decided to impose tariffs of up to thirty percent on steel imports from Europe. Such a protectionist measure is likely to immediately steer considerable opposition from trade partners worldwide and political turmoil. Even more so when it comes from a country that pri

Trade was the engine of economic growth in the 19th century: countries dropped their restrictions on free trade, while the Gold Standard was used worldwide to measure the value of goods and currencies, providing a universal currency.

Unlike most other heavy industries, which have endured painful consolidation over the past 20 years, the steel sector has remained largely fragmented.

The International Institute for Sustainable Development web site, in particular its section on GATT, available at: http://www.iisd.org/trade/wto/gatt.htm

The Consuming Industries Trade Action Coalition web site, in particular its Steel Market Conditions Fact Sheet, available at: http://www.citac-trade.org/latest/secrion201tariff_29_06_2002.htm

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