-----Original Message----- From: Jamus Jerome Lim <[EMAIL PROTECTED]> Date: Thu, 26 Feb 2004 21:12:07 To:[EMAIL PROTECTED] Subject: NYT Article on EU Trade Sanctions Against the U.S.
Hi Dave, Here is an article that is making some waves in international trade circles. For the first time, the WTO has shown some teeth and provided some credibility to the dispute settlement mechanism by allowing the EU to impose retaliatory sanctions on the U.S. for illegal export subsidies for American exporters. However, unlike the case of potential retaliatory tariffs against steel - which were targeted at products in states that would be critical in this year's presidential election - this episode will target sectors that produce goods directly competitive with the EU's own products. ---- Jamus Jerome Lim [EMAIL PROTECTED] Web: http://www.internationaleconomics.net European Union Says U.S. Faces $4 Billion in Trade Sanctions By ELIZABETH BECKER http://www.nytimes.com/2004/02/26/business/26CND-TRAD.html WASHINGTON, Feb. 26 - The European Union's trade commissioner told senior lawmakers on Thursday that the United States would face $4 billion in sanctions starting Monday because Congress had failed to eliminate overseas tax shelters for American exporters that were declared illegal by the World Trade Organization. Pascal Lamy delivered a similar warning in November as Europe was preparing to levy sanctions against the United States for tariffs on steel imports, and one month later, Mr. Bush lifted the disputed tariffs. -snip- ------------------------------------- You are subscribed as [EMAIL PROTECTED] To manage your subscription, go to http://v2.listbox.com/member/?listname=ip Archives at: http://www.interesting-people.org/archives/interesting-people/
