But like I said, GW tried to do just that and it was a complete disaster:
International response[edit]
The tariffs ignited international controversy as well. Immediately after they were filed, the
European Union announced that it would impose retaliatory tariffs on the United States, thus risking the start of a major
trade war. To decide whether or not the steel tariffs were fair, a case was filed at the
Dispute Settlement Body of the
World Trade Organization (WTO). Japan, Korea, China, Taiwan, Switzerland, Brazil and others joined with similar cases.
On November 11, 2003, the WTO came out against the steel tariffs, saying that they had not been imposed during a period of import surge—steel imports had actually dropped a bit during 2001 and 2002—and that the tariffs therefore were a violation of America's WTO tariff-rate commitments. The ruling authorized more than $2 billion in sanctions, the largest penalty ever imposed by the WTO against a member state, if the United States did not quickly remove the tariffs.
[2] After receiving the verdict, Bush declared that he would preserve the tariffs.
[3] In retaliation, the European Union threatened to counter with tariffs of its own on products ranging from Florida oranges to cars produced in Michigan, with each tariff calculated to likewise hurt the President in a key marginal state. The United States backed down and withdrew the tariffs on December 4.
[4]
2002 United States steel tariff - Wikipedia