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Prediction of peace in transatlantic trade war
A LONG-RUNNING transatlantic trade dispute over tax breaks for American exporters will be resolved soon, according to a senior United States official.
Grant Aldonas, the US commerce under-secretary, said: "We have to move the legislation through Congress, which is set to move on this in the first quarter of next year."
The dispute centres on a set of tax breaks for US exporters that the World Trade Organisation has said violate international trade rules.
The European Union has warned it would start imposing sanctions on US exports by the start of next year unless Congress repeals the tax breaks, known as the Foreign Sales Corporation.
On the separate steel trade row, Mr Aldonas denied reports that Washington was negotiating a compromise with the EU to avoid billions of pounds in European sanctions in a dispute over steel tariffs.
"I don’t know of any negotiations going on right now," he said yesterday.
The WTO is expected to declare the tariffs illegal next week, paving the way for the EU to impose sanctions on 1.3 billion worth of US imports, effectively pricing goods out of the European market.
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Thursday 24 May 2012
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