On January 13, 2009, as the Bush Administration neared its end, Schwab reportedly announced retaliatory tariffs on "dozens" of European luxury items, including French truffles, Irish oatmeal, Italian sparkling water and Roquefort cheese.

The cuts come at a time when the Reagan Administration has announced tariffs, scheduled to take effect April 17, on selected Japanese electrical and electronic products.

Last Thursday, the Bush Administration fired what could be the first shot in a trade war between the United States and the European Community, announcing punitive tariffs that, beginning next month, would triple the cost of nonsparkling white wines imported from France, Germany and Italy.

The United States is expected to announce tariffs on up to 20 countries, including Canada, on Wednesday.

Last week it was steel, as the Administration announced steep tariffs on steel from 19 countries, saying they were selling it for less than they charge at home.

Even before the Bush administration announced new tariffs on steel imports, four of Japan's top five steel makers expected to report combined losses of $1.6 billion in the year ending March 31.

The Bush administration angered many United States trading partners last week when it announced tariffs of up to 30 percent on most imported steel, to be imposed for three years.

On Nov. 13 President Reagan announced punitive tariffs, affecting $105 million worth of imports from Brazil, in retaliation for Brazilian curbs on American computer and software products.

April 25 - The United States announces large tariffs on Canadian softwood lumber.

In early March, President Bush announced new tariffs of up to 30 percent on almost one-third of the nation's steel imports.