Trade dispute over taxes won’t go away
The European Union raised concerns Friday with the $137 billion corporate tax bill recently passed by Congress that was designed to resolve a trade dispute over subsidies for U.S. exporters.
Congress repealed the tax breaks for exporters, which the World Trade Organization had ruled illegal, and replaced them with across-the-board tax breaks for U.S. industries. The European Union subsequently agreed to lift retaliatory sanctions on U.S. goods.
The European Union is now asking for talks with U.S. trade officials because it feels the subsidies are being withdrawn too slowly. Under the bill, many U.S. exporters will be grandfathered for two years or more and continue to receive tax breaks during a transition period.
Trade dispute over taxes won’t go away
