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Image header Agence Europe
Europe Daily Bulletin No. 8168
Contents Publication in full By article 37 / 48
GENERAL NEWS / (eu) eu/united states/steel

Aldonas underlines Washington's firm stance

Washington, 11/03/2002 (Agence Europe) - US Under-Secretary for Trade Grant Aldonas affirmed in an interview granted to The Financial Times that the United States would reject EU demands for immediate compensation for the steel curbs (see EUROPE of 9 March, p.8). "This is one of those situations … where things have to get worse before they can get better", said Mr Aldonas, confirming that Washington had the intention to stand firm in this affair. He alluded to the possibility that, in a period of economic slowdown, tension could extend to other sectors such as agriculture and semi-conductors. He said: "We have told people over time that if you don't see stronger growth abroad, you end up seeing friction on the trade account". In his view, unless the EU and Japan reflate their economies combined with the strength of the dollar, this would emperil recovery by the US agriculture and high-technology industries, which depend heavily on sales abroad.

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