WTO to Give EU Final Backing for $4 Billion in U.S. Sanctions

Bloomberg ^ | 05-07-03

[Brian S]

Geneva, May 7 (Bloomberg) -- The World Trade Organization will today give the European Union the final green light it needs to slap a record $4 billion in sanctions on U.S. products, in retaliation for tax breaks deemed illegal under global trade law.

[Brian S]

This is timely. Gives congress the cover for eliminating some of these corporate tax shelters. I just heard Grassley discuss tonight that they needed to do this anyway for to come up with tax cut offsets.

Of course, these corporations just "print the money" they need to pay their taxes with. /sarcasm off

[Russell Scott]

The WTO, EU, and UN, all have the same purpose, destroy or weaken America.

[stylin19a]

The EU has said it will only impose the tariffs if the U.S. fails to change its law.

This is scary and goes deeper than steel.

[Diogenesis]

Excuse me, but there is a world war going on.

The EU (for the most part) is in the Axis of Evil.

[11B3]

Isn't it nice having a foreign power dictating to us what we have for laws??

Defund the WTO, the IMF, and the UN!!

[fooman]

They gain more from trade exports than we do.

I say tax them, with a 500% on french and german products.

Then we just negotiate more free trade pacts with other countries like Mex, Chile and Singapore and Austraila

[RS]

"The World Trade Organization will today give the European Union the final green light it needs to slap a record $4 billion in sanctions on U.S. products, in retaliation for tax breaks deemed illegal under global trade law."

And who winds up paying this $4 Billion ?... the European consumer !

The strangest thing about this is that a tax break does not give our corporations a benefit... it simply removes some of the harm done to a business by taxes.
I suppose the theory here is that they screw their companies a lot, so we are supposed to screw ours the same to make things "fair"

[hedgetrimmer]

Yes, and ironically they are using tax payer dollars to fund themselves.

[DB]

This coming from the EU with the likes of Airbus that was completely born out of tax money makes one sick.

Screw the EU.