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Business
Words in the News
Friday 28 March 2003
Vocabulary from the business news. Listen to and read the report
then find explanations of difficult words below.
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US steel tariffs
Summary: The United States is to keep its tariffs on imports of steel even though the World Trade Organisation, which regulates global trade, has said that the tariffs break international rules. This report from Steven Evans:
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The
News 
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President Bush decided a year ago to make foreign steel companies pay tariffs of up to thirty percent when they exported to the United States. Producers throughout the world argued that the tariffs breached the international rules of trade as laid down by the World Trade Organisation, of which the United States is a member. Now the WTO panel of experts investigating the issue has agreed with the opponents of the American action in what's called an interim judgement. It is very rare for such an interim judgement not to be ratified, so the likelihood now is that Japan, the European Union and other countries will be allowed to retaliate with their own tariffs against American exports. The Bush administration said it would appeal and in the meantime the tariffs would stay.
Steven Evans, BBC North America Business Correspondent
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The
Words
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tariff
a tax on goods coming into a country
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breached
broken
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laid down
officially ordered to happen, officially stated
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panel
a small group of people who are chosen to act as a team – in this context, in order to investigate and make a decision about something.
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opponents
the opponents of an idea or policy do not agree with it.
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interim
temporary. Interim here describes conditions that will continue until permanent
arrangements are made.
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ratified
formally approved and made official
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likelihood
probability
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retaliate
if you retaliate when someone harms you, you harm them in return.
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appeal
make a formal request for a decision to be changed
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Read
more about this story |
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