Saturday, February 28, 2004

Trade sanctions from Europe Posted here Saturday, February 28, 2004 at 11:44:59 AM     On trade sanctions 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. The admin is caught between fre market and protecting friends. Will this be another line of unravelling the US economic dominance and hurt the admin? ********