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No Deal Reached on Cutting Steel Subsidies

From Reuters

The world’s biggest steel-producing nations failed to nail down a deal on reducing subsidies to the sector and suspended formal talks until next year.

They had been aiming for an agreement by September but disagreed over the scope for allowing some subsidies in developing countries seeking special treatment, and over subsidies for closing inefficient plants.

The U.S. in part blamed foreign government support for steel for its 2002 decision to impose temporary tariffs of up to 30% on steel imports.

President Bush scrapped the tariffs in December in the face of a possible trade war with Europe, but Washington has continued to press U.S. trading partners to cut subsidies for steel producers.

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