EU to impose trade sanctions on US products
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Manufacturing News, Source : TheManufacturer.com
Published : 04 Sep 2002 21:42
As a result of the World Trade Organization’s latest ruling, the European Union is allowed to impose $4 billion in trade sanctions on US manufactured products due to the Foreign Sales Corporation (FSC) provisions of US tax law.
However, the US contends that the sum should be limited to $1 billion because of the impact the FSC provision has on EU commercial interests.
“While the report issued today by the WTO arbitration panel clears the way for the EU to impose trade sanctions, the transatlantic economy is so interdependent that trade retaliation would impose huge and needless costs on both side,” said Kimberly Pinter, director of finance and tax for the National Association of Manufacturers.
Community members have asked that the EU hold off on the sanctions as US Congress members are currently drafting legislation to comply with the WTO ruling.
“I urge both parties to continue to cooperate and work toward resolving this dispute and the others between them in an amicable and constructive fashion,” said Mike Moore, director general for the WTO. “The European Union and the United States are among the most important members of this organization and both hold a special responsibility to ensure the continued health and soundness of WTO and global trading system.”
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