NAFTA, EU, and WTO
- NAFTA (North American Free Trade Agreement)
- "Increased trade and investment are cornerstones of a vibrant, expanding, and more comprehensive NAFTA, bringing about a truly remarkable expansion of trade and investment among our countries." - President George W. Bush, April 22, 200
- Expanded free trade, creating the world’s largest free market
- EU (European Union)
- Includes Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and United Kingdom; Croatia (2013) would join after Bush’s presidency
- Close Allies with America, but relationship under Bush suffered because of his foreign policy and decision to invade the Middle East
- WTO (World Trade Organization)
- Bush puts a large tariff on steel, increasing the cost of importing by 30%
- WTO said this was unfair and threatens 2 Billion dollars in sanctions on the US if they do not drop the tariff
- “[Bush had to] choose between continuing to help the steel industry -- which could bolster his electoral prospects in crucial industrial states -- or respecting international trade laws and increasing his chances of winning new regional and global trade agreements.”
- Dropping the tariff would have also helped American automakers and other companies that use steel because the cost to them has increased
(ELIZABETH BECKER)