Bush scraps trade embargo on Libya

The president's action is partly symbolic because it simply makes permanent his April decision to suspend most commercial sanctions and allow US firms to invest in Libya and buy its oil for the first time since 1986.

But the moves, which take effect on Tuesday, will also end remaining restrictions on US-Libyan aviation and the State Department said they will unblock about $1.3 billion in frozen Libyan and other assets -- steps Bush did not take in April.