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  • EU imposes sanctions on U.S.

    (CNN) -- The European Commission has launched retaliatory trade measures against the United States that will cost American companies hundreds of millions.

    The sanctions are intended to compensate European businesses for a U.S. tax break scheme for American exporters that was ruled illegal by the World Trade Organization (WTO) last year.

    Monday was the deadline for Washington to eliminate the so-called Foreign Sales Corporation Scheme, which Europe believes grants U.S. exporters tax benefits, giving American companies an unfair advantage.

    The U.S. Congress has made no move to roll back the scheme.

    The EC's trade commission has signaled it initially will impose $200 million worth of sanctions, five percent of the total sanctions allowed, on U.S. goods from dairy and meat products to textiles.

    The penalties will be imposed in a gradual tariff scheme, whereby there will be an additional custom duty of five percent on selected goods from March 1, 2004. The commission can then raise sanctions by one percent each month, until the U.S. Congress agrees to repeal the controversial legislation.

    "The name of the game is not retaliation, it is compliance," said a spokeswoman for European Trade Commissioner Pascal Lamy told Reuters. "The day the new measures are passed by the Congress, we will stop the sanctions."

    The WTO has authorized the EC to seek up to $4 billion worth of sanctions from the United States over its illegal export tax break.

    In early December, U.S. President George W. Bush bowed to international pressures by dropping U.S. steel tariffs, another trade dispute the EC took to the WTO.

    The decision to drop the tariffs averted what was shaping up to be a trade war between the United States and Europe, as the EU had threatened over $2 billion in retaliatory sanctions.

    Un-Official Sponsor of Randy Choate and Kevin Siegrist

  • #2
    Good job, George, you arrogant SOB.

    Way to be an uniter, and not a divider, once again.
    “I’ve always stated, ‘I’m a Missouri Tiger,’” Anderson said March 13 after Arkansas fired John Pelphrey, adding, “I’m excited about what’s taking place here.”

    Asked then if he would talk to his players about the situation, he said, “They know me, and that’s where the trust comes in.

    Comment


    • #3
      Thanks for the WTO, free-traders.
      2005 Mandatory Loyalty Oath: I love America, our troops, baseball, Moms, and certain pies. I want no harm to come to any of those institutions, nor do I take any glee in their demise.

      Comment


      • #4
        Originally posted by Razzy@Mar 1 2004, 01:16 PM
        Good job, George, you arrogant SOB.

        Way to be an uniter, and not a divider, once again.
        The U.S. Congress has made no move to roll back the scheme.

        Thank the Congress not the President.

        han solo

        Comment


        • #5
          What, we have a congress.

          you mean GWB is not King.
          Un-Official Sponsor of Randy Choate and Kevin Siegrist

          Comment


          • #6
            The Republican led Congress? Say it isn't true.
            Be passionate about what you believe in, or why bother.

            Comment


            • #7
              You two are out of your mind if you think GWB is not in charge of this congress.
              2005 Mandatory Loyalty Oath: I love America, our troops, baseball, Moms, and certain pies. I want no harm to come to any of those institutions, nor do I take any glee in their demise.

              Comment


              • #8
                LOL
                And, frankly, it has never occured to me that "winning" a debate is important, or that I should be hurt when someone like Airshark or kah, among others (for whom winning a pseudo debate or declaring intellectual superiority over invisible others is obviously very important) ridicule me.

                -The Artist formerly known as King in KC

                Comment


                • #9
                  Originally posted by Trigfunctions@Mar 1 2004, 01:48 PM
                  You two are out of your mind if you think GWB is not in charge of this congress.
                  with all his votes he can cast.
                  Un-Official Sponsor of Randy Choate and Kevin Siegrist

                  Comment


                  • #10
                    Yeah, he really rams through those judges.
                    And, frankly, it has never occured to me that "winning" a debate is important, or that I should be hurt when someone like Airshark or kah, among others (for whom winning a pseudo debate or declaring intellectual superiority over invisible others is obviously very important) ridicule me.

                    -The Artist formerly known as King in KC

                    Comment


                    • #11
                      Originally posted by lazydaze+Mar 1 2004, 01:49 PM-->
                      QUOTE(lazydaze @ Mar 1 2004, 01:49 PM)

                    • #12
                      Originally posted by Damtoft@Mar 1 2004, 01:51 PM
                      Yeah, he really rams through those judges.
                      You're right - he did ram through some judges while Congress was out of session.
                      2005 Mandatory Loyalty Oath: I love America, our troops, baseball, Moms, and certain pies. I want no harm to come to any of those institutions, nor do I take any glee in their demise.

                      Comment


                      • #13
                        Originally posted by lazydaze+Mar 1 2004, 02:49 PM-->
                        QUOTE(lazydaze @ Mar 1 2004, 02:49 PM)

                      • #14
                        Originally posted by madyaks+Mar 1 2004, 01:56 PM-->
                        QUOTE(madyaks @ Mar 1 2004, 01:56 PM)
                        Originally posted by [email protected] 1 2004, 02:49 PM

                      • #15
                        Originally posted by lazydaze+Mar 1 2004, 02:58 PM-->
                        QUOTE(lazydaze @ Mar 1 2004, 02:58 PM)
                        Originally posted by [email protected] 1 2004, 01:56 PM
                        Originally posted by [email protected] 1 2004, 02:49 PM
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