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| Potential Punitive Duties on U.S. Exports to Europe | ||
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Published 20030509 |
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The European Union could impose $4 billion in punitive duties on
imports from the United States. The list of potential punitive
duties includes 1800 products. According to a recent article
in the Journal of Commerce, the W.T.O. (World Trade
Organization) authorized these punitive measures in 2001 "after
ruling that tax breaks to U.S. exporters under the Foreign Sales
Corporation scheme were illegal subsidies."
The E.U.'s hit list includes textiles and clothing, footwear, paper, machinery, iron and steel products, and agricultural goods. Duties of up to 100 percent on these products would only be imposed once it became clear to the European Union that Washington is not willing to abandon the tax breaks which benefit leading exporters such as Caterpillar, Boeing and Microsoft" (Journal of Commerce). |
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