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Daily News

U.S. Wants to Repeal Tax Break Legislation for Exporters
Nov 25, 2003
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The U.S. hopes to repeal its legislation on tax breaks for exporters, which has drawn the threat of European sanctions, before March 2004, under U.S. Commerce Secretary Grant Aldonas.

"I do think it is set up to move within the first quarter of next year," Mr. Aldonas said, when asked when the U.S. Congress would repeal the tax breaks, ruled illegal by the World Trade Organization (WTO).

A decision on removing U.S. steel tariffs, also outlawed by the WTO, had reached the desk of U.S. President George W. Bush, he said. President Bush would have to decide on how far the domestic industry had restructured and on meeting U.S. obligations to the WTO.

The European Union (EU) has threatened sanctions on a total of just more than U.S. $6 billion of U.S. goods in the two disputes. (Reuters)

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