EU May Reimpose Sanctions on U.S.
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The European Union threatened to reimpose sanctions on as much as $4 billion a year in U.S. imports after the World Trade Organization ruled that the U.S. fell short in its attempt to repeal a contested tax rebate for exporters.
WTO arbitrators Friday backed an EU complaint against a U.S. law created last October to end a tax break that benefited businesses such as Caterpillar Inc. and Boeing Co.
The EU said the law still provided an unfair tax break worth $145 billion to U.S. companies. EU Trade Commissioner Peter Mandelson said the EU would apply new duties on U.S. goods as early as Jan. 1.
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