NEWS: EU imposes $4bn sanctions on US

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SATURDAY, AUG 31, 2002

EU imposes $4bn sanctions on US

The European Union on Friday won the right to impose a record $4bn (â‚¬4bn) of sanctions on US exports in a dispute over a US corporate tax break scheme.

A World Trade Organisation arbitration panel backed the EU's calculation of the value of the tax breaks - which have benefited companies such as Microsoft and Boeing - and rejected US claims that the damages should be closer to $1bn.

The ruling is likely further to strain transatlantic trade relations, already troubled by the dispute over US steel tariffs.

The sanctions are more than 10 times the total the WTO allowed the US to impose on the EU in disputes over bananas and beef. ...

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