Facing the threat of a
trade war,
U.S. PresidentGeorge W. Bush lifts 20-month-old
tariffs on foreign
steel. Within minutes of the announcement, the
European Union announces that it is lifting its threat of
sanctions on $2.2 billion of U.S. products that would have taken effect in mid-December based on a ruling from the
World Trade Organization that the tariffs were in violation of global trade rules.
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