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As of this moment, the Bush administration's trade-policy record is a mixture of big wins for protectionism and modest advances for free trade. Which means that, so far, everything is going pretty much according to plan.
On the debit side of the ledger are two glaring sellouts from the spring of 2002: first, the decision in March to impose tariffs of up to 30 percent on imported steel; second, the May signing of an atrocious farm bill packed with market-distorting subsidies. Although both moves were bitter disappointments for free-market supporters, they were not random concessions to political expediency. Rather, they were elements of a conscious, high-risk ...