EU to impose $4 billion tariffs on US goods
The European Union (EU) yesterday started to impose multi-million dollar trade sanctions on American goods over illegal tax breaks given to US exporters.
The EU said it would revoke the measures immediately if the US Congress eliminates its legislation, declared illegal under the Foreign Sales Corporation (FSC) law by the World Trade Organisation (WTO) two years ago.
The WTO authorised the EU to impose the $4 billion sanctions last year, which if allowed to run on will cost the
In a statement EU Trade Commissioner, Pascal Lamy, said: “Despite waiting for more than two years, the
The sanctions will be phased in gradually, beginning at a 5% rising to 17% over the coming year. Tariffs will be first imposed on leather products, agricultural goods, paper, steel, nuclear reactors, machinery, carpets, clothing and other goods that are directly competitive with EU products.
