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2002 United States steel tariff (en.m.wikipedia.org)

submitted 2 weeks ago by cron@feddit.org to c/wikipedia@lemmy.world

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On March 5, 2002, U.S. President George W. Bush placed tariffs on imported steel. The tariffs took effect March 20 and were lifted by Bush on December 4, 2003. Research shows that "the costs of the Safeguard Measures [steel tariffs] outweighed their benefits in terms of aggregate GDP and employment".

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[–] DMCMNFIBFFF@lemmy.world 2 points 2 weeks ago

(my bold)

Steel producers had originally sought up to a 40% tariff. Canada and Mexico were exempt from the tariffs because of penalties the United States would face under the North American Free Trade Agreement (NAFTA). Additionally, some other countries such as Argentina, Thailand, and Turkey were also exempt. The typical steel tariff at the time was usually between zero and one percent, making the 8–30% rates seem exceptionally high. These rates, though, are comparable to the standard permanent U.S. tariff rates on many kinds of clothes and shoes.