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Politics : DON'T START THE WAR -- Ignore unavailable to you. Want to Upgrade?

To: tsigprofit who wrote (14006)	2/28/2003 4:19:27 PM
From: Karen Lawrence	Respond to of 25898

EU threatens sanctions against US The World Trade Organisation supports the EU's claims that certain tax breaks awarded to US companies are unfair. (Photo: World Trade Organisation) EUOBSERVER / BRUSSELS - The European Commission announced on Wednesday that it has fine-tuned four billion dollars worth of sanctions on American products which it may be willing to impose if the US Congress does not repeal tax laws that currently break trade rules. The announcement comes after the World Trade Organisation (WTO) supported the EU's claim that certain tax breaks for US companies abroad were unfair and that the EU had the right to seek compensation to the order of US$4 billion. The European Commision however is stressing that it does not want to impose sanctions but would rather see the law in question changed. "This is the latest step in along procedure,"a Commission spokesperson told journalists. Products that potentially could be hit have not yet been named publicly as EU states have to give their stamp of approval. It is believed that soyabeans and aluminium may be on the list of products which may be subject to up to 100 percent tariffs. Meanwhile in Washington, US Trade Representative Robert Zoellick told a House of Representatives committee: "I believe the EU will hold off on retaliation, but I don't know for how long." According to reports in the Washington Post Mr Zoellick also warned the committee that they will need to take action. "My bottom line is that we can't make this go away. We have got to get this fixed,'' he said. The EU did not give any concrete deadlines for the US to change the tax laws but said it expects "swift results." euobserver.com