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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Les H who wrote (190908)9/6/2002 1:11:14 PM
From: stan_hughes  Read Replies (1) of 436258
 
"I hear the trade war comin'; it's rollin' 'round the bend,
And I ain't seen no decent bids since I don't know when,
I'm stuck in Wall Street Prison, and Bush keeps dronin' on.
As that Dow keeps a-fallin'
On down to twelve-o-one"

EU Targets U.S. Textiles, Steel in Sanctions Over WTO Tax Row

By Adrian Cox

Brussels, Sept. 6 (Bloomberg) -- The European Commission proposed targeting U.S. products including textiles, steel and farm goods after winning World Trade Organization permission to retaliate with as much as $4 billion in sanctions against an illegal U.S. tax break.

The 15-nation European Union last week won the go-ahead to punish the U.S. for a credit on taxes paid overseas that saved Boeing Co. $291 million in 2000 alone. The EU's executive arm sent governments a list also including paper and aluminum products that will be targeted unless the U.S. changes its tax law, commission spokeswoman Arancha Gonzalez said.

``We haven't fixed a specific deadline by when we would trigger the mechanism of the sanctions,'' Gonzalez said. ``We are confident that the U.S. Congress will in the short term lead to a change in the legislation.''

EU Trade Commissioner Pascal Lamy now faces pressure from European companies and some governments to impose only a token penalty, or none at all, to avoid damaging transatlantic trade worth almost $600 billion a year and threatening the global economic recovery.

The damages are almost 20 times the previous record. The ruling threatens to increase tensions already smoldering over U.S. steel tariffs, a $51 billion boost in government support for American farmers over the next six years, as well as the EU's ban on U.S. hormone-treated meat.

Gonzalez said the commission's list of targeted products over U.S. tax breaks has none of the products that could be targeted in retaliation for U.S. steel tariffs. The EU has threatened to impose up to $350 million of duties on some steel, textile and citrus products from as early as October.

``There are no products that coincide with the steel list,'' she said.

quote.bloomberg.com
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