Isn't the purpose of protecting the U.S. steel industry to let it behave as it historically has, i.e., with less efficiency than its foreign competition?
Then, if that's the case, removing the tariffs after three years would put the industry in a bigger bind than it is in currently. You know the extra breathing room Bush is giving them will soon be taken up in higher wages and benefits. Those companies showing a positive earnings outlook after counting for that 20% price advantage will either have to please their stockholders by investing in capital equipment or yield to union pressure for a wage hike. (My bet's on the union, as I suspect yours is also.)
So what has been gained other than maybe a few -- darned few -- union votes in the rust belt?
Three years from now, expect the tariffs to continue.
If the steelworkers' endorse the Dem candidate in 2004, I expect the tariffs WON'T continue.
And I'd bet $100 on it.