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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Crimson Ghost who wrote (5132)	1/15/2004 2:39:12 PM
From: mishedlo	of 110194

EU, others seek sanctions against U.S. So-called "Byrd Amendment" flouts global trade rules The European Union and a host of other nations are seeking retaliatory sanctions worth hundreds of millions of dollars against the United States for a law that gives duties charged to foreign companies that violate trade rules back to the affected U.S. companies. The World Trade Organization ruled in January of last year that giving the money to domestic industry, rather than keeping it for Treasury coffers, itself amounts to an unfair trade practice. "The Byrd amendment has raised widespread concerns from the outset as evidenced by the large number of complainants in this case. Trade defense instruments are a legitimate tool, but they have to follow WTO rules," said Pascal Lamy, European Union Trade Commissioner. The EU has said that sanctions in the tax matter would be imposed at some point in the spring if the Congress does not repeal the so-called Foreign Sales Corporation tax law, which the WTO said amounted to an unfair tax break for U.S. exporters. The WTO's dispute settlement body is scheduled to take up the sanction issue at its Jan. 26 meeting. cbs.marketwatch.com ==================================================================== More trade wars Mish

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