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EU slaps multi-million dollar trade sanctions on US
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| Contributor | Eddie |
| Last Edited | Eddie Mar 01, 2004 11:43pm |
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| Category | News |
| News Date | Monday, March 1, 2004 06:00:00 AM UTC0:0 |
| Description | The European Union slapped multi-million dollar trade sanctions on the United States over illegal tax breaks given to US exporters, urging US lawmakers rapidly to repeal the measures.
Hours later US President George W. Bush urged Congress on Monday to quickly scrap the tax breaks.
Backed by a World Trade Organization ruling, the European Commission announced duties on a wide range of US goods entering Europe until the US Congress annuls the tax breaks under the Foreign Sales Corporation (FSC) law.
"Despite waiting for more than two years, the US has not brought its legislation in line with WTO rules. We are therefore left with no choice but to impose countermeasures," said EU trade commissioner Pascal Lamy.
"The name of the game is not retaliation but compliance: countermeasures will be lifted the day the FSC is repealed," he added. |
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