In the old economy of American Steel, President Bush is forging a compromise. Faced with frantic pleas from the rust belt, from industry, and from unions, he's imposing new tariffs to make it harder for overseas steel companies to dump steel in the United States. Hot rolled and cold finished, stainless and rebar, prices are set to go up. Already there's heat from Europe. They say it's antithetical to the W.T.O., and could mean a trade war.
Here in the United States, the White House is spinning what's up to a thirty percent levy as a move in the direction of free trade. Steel consumers and manufacturers here say it's a mistake and the cost will be passed on to you. Big steel, big labor, big business: Recasting protectionism and the cold hard choices over Steel.
