EU May Restore Trade Sanctions on U.S.-Mandelson

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http://story.news.yahoo.com/news?tmpl=story&cid=564&ncid=564&e=19&u=/nm/20041221/ts_nm/trade_eu_usa_dc

EU May Restore Trade Sanctions on U.S.-Mandelson

Tue Dec 21, 7:14 AM ET Top Stories - Reuters



BRUSSELS (Reuters) - The European Commission (news - web sites) said on Tuesday that EU sanctions on $4 billion worth of U.S. goods will be lifted as planned, but it will seek to reimpose them if the WTO backs its complaint about residual export tax breaks.






"Our proposal is that should the WTO find in favor of the EU on this, the counter-measures, penalties will be put back in place," European Trade Commissioner Peter Mandelson told a news conference after meeting Canadian Trade Minister Jim Peterson.


The U.S. Foreign Sales Corporation (FSC) legislation, ruled illegal by the World Trade Organization (news - web sites), was the trigger for the biggest transatlantic trade dispute in 50 years.

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