Bush Administration Announces Repeal of Steel Safeguard Measures
As expected, the Bush Administration today announced the termination the U.S. safeguard measures imposed on steel products. As indicated by the legal proclamation and fact sheet issued by the White House, the safeguards have been repealed on all products and the import licensing system will remain in place. The additional duties imposed by the safeguards will be terminated for goods entered, or withdrawn from warehouse for consumption, on or after 12:01 a.m., eastern standard time, December 5, 2003. Otherwise, the announcement was in line with what we expected to occur.
Shortly after the U.S. decision was announced the European Union announced that it would remove its own safeguard measures that were imposed shortly after the U.S. safeguards were implemented. The EU safeguards were intended to block an influx of steel from third countries that was predicted to result after the imposition of the U.S. tariffs in March 2002.