It's the war, stupid

27 March 2003 By Hugo Dixon Follow @hugodixon

Those who say that the economy and markets are suffering because of postbubble overhang not the war have a point. But it’s not the whole point. The breakdown of collaboration between the great western powers has real economic consequences.

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Tony Blair, the UK prime minister, flew to the US on Wednesday for discussions with President Bush about the war in Iraq.

The two leaders were expected to discuss the role of the United Nations in a postwar Iraq. But Blair played down expectations that the summit could lead to an immediate agreement. We are not at the point of discussing details on this, he said.

Meanwhile, the World Trade Organisation ruled on Wednesday that US steel tariffs imposed last year violated international trading rules. The WTO's interim decision was taken in response to a case brought by the European Union, Japan and six other countries. The final appeal producess could take until the end of this year.

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