EU Says It Will Go Ahead With Tariffs on U.S. Goods as of Monday

[rodbarnett]

BRUSSELS, Belgium (AP) - The European Union will start imposing sanctions on U.S. goods as of Monday because of Washington's failure to end export tax breaks that have been ruled illegal by the World Trade Organization.

"We've been waiting for years," European Commission spokesman Diego de Ojeda said Friday in confirming that the sanctions would go ahead as announced months ago. They "are automatic and there's nothing we can do about it."

The World Trade Organization declared the U.S. law allowing big exporters to benefit from reduced export taxes to be illegal in 2002. It authorized the EU to impose sanctions on up to $4 billion worth of U.S. goods - the biggest amount ever.

The Bush administration has promised an overhaul but so far Congress has failed to pass a new law.

http://ap.tbo.com/ap/breaking/MGAUDK4C6RD.html

comment : this might slow the economy a bit

[Zech Marquis]

1. slow it down?

you mean from the dead stop it's in right now? :evilgrin:

Seriously, this will hurt the economy MORE, as there's no help on the way tht I'm aware of :shrug:

[JeebusH]

2. nice to see someone with balls to stand up to Dumbya ...

too bad it isn't in the U.S.