US still facing pressures on trade despite end of steel tariffs

[UpInArms]

http://www.channelnewsasia.com/stories/afp_world_business/view/60960/1/.html

WASHINGTON : The US move to drop controversial steel tariffs eases fears of an imminent global trade war, but several other skirmishes loom with Europe, China and other trading partners, analysts say.

<snip>

The EU has threatened to press ahead with duties on US goods starting from 200 million dollars next March unless Congress repeals the tax breaks under the Foreign Sales Corporation (FSC) law.

Friction is also rising between the United States and China after Washington imposed quotas on Chinese lingerie under a special clause in the World Trade Organization, a move aimed at protecting US textile makers.

Concurrently, many US trading partners are angry with the United States for a bill providing domestic farm subsidies of 173.5 billion dollars over 10 years, undermining efforts to drop trade barriers.

"I've been concerned about the Bush administration pandering to special industries, whether it's steel or textiles," said Joseph Quinlan, economist at Bank of America in New York.

...more...

this should be very interesting to watch unfold

[ixion]

1. special industries, or special 'pioneer' buddies...

that type of mafia relationship is the only kind the Bush cabal knows.