President Bush has decided to repeal most of the steel tarriffs imposed 20 months ago. What I don’t understand is why this wasn’t a open and shut issue.
The tarriffs didn’t help the US economy at all, costing far more jobs than they saved. Morever, there was no political benefit to them either. I never understood what the Bush Administration thought it was doing in this regard. I couldn’t see any payoff either economically or politically from the tarriffs. Of course, now Bush will get the worst of both worlds, blame for creating the tarriffs from the free traders and steel using industries and blame for lifting them from the steel manufacturers. Overall, though, I doubt that this issue will be of much note by the time the 2004 elections roll around.