shyguywannadie
27th February 2004, 14:31
Just as troubled trade ties between Europe and the United States seemed to be improving after the steel row blew over, a new war looms. On Monday, Brussels will impose 160 million euros in sanctions because of Washington's failure to overturn tax breaks declared illegal by the World Trade Organisation. The WTO has ruled that the tax breaks are unlawful export subsidies. They havebeen of particular benefit to heavyweight exporters such as Boeing and Microsoft.
Washington and Brussels have been locked into bitter trade disputes in the past. After the "banana wars" of the late 1990s, relations hit a new low in 2002 when the US imposed tariffs on foreign steel imports.
President Bush repealed the measure in December, and the EU lifted its threat of sanctions
EU to impose new trade sanctions on U$A (http://www.euronews.net/create_html.php?page=detail_info&lng=1&option=5,info&PHPSESSID=07d2f3d62c46bf04267670c226b24f1a)
Washington and Brussels have been locked into bitter trade disputes in the past. After the "banana wars" of the late 1990s, relations hit a new low in 2002 when the US imposed tariffs on foreign steel imports.
President Bush repealed the measure in December, and the EU lifted its threat of sanctions
EU to impose new trade sanctions on U$A (http://www.euronews.net/create_html.php?page=detail_info&lng=1&option=5,info&PHPSESSID=07d2f3d62c46bf04267670c226b24f1a)