WTO rules steel tariffs illegal

The United States faces up to $2.2 billion in European Union trade sanctions following the ruling of a three-member World Trade Organization panel that U.S. tariffs on imported steel are illegal. Many trailer and truck manufacturers had expressed frustration over the tariffs, which increased the price of imported steel. The duties of up to 30% were introduced in March 2002 by President Bush's administration.The WTO appeals panel is the organization's highest tribunal, and the decision is final.The European Union said it will impose retaliatory sanctions of up to $2.2 billion via 100% duties on some U.S. imports, which would price them out of the EU market.

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