Facing the threat of a trade war, U.S. PresidentGeorge W. Bush lifts 20-month-old tariffs on foreign steel. Within minutes of the announcement, the European Union announces that it is lifting its threat of sanctions on $2.2 billion of U.S. products that would have taken effect in mid-December based on a ruling from the World Trade Organization that the tariffs were in violation of global trade rules. [2]