World Trade: Dumping Dispute

The dirtiest word in the world's coldly competitive steel business is "dumping"-the calculated practice of selling for less abroad than at home. While raising their own domestic prices last week, U.S. steelmakers grumbled bitterly that cut-price European and Japanese competitors are dumping steel on the U.S. market. In a thumb-in-the-eye brawl that is becoming global, the Europeans also accuse the Japanese of dumping steel in the Common Market. The Europeans have quietly made a cartel-like agreement to set prices of exports and carve up world markets—but so have the Japanese. Last...

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