FSC DUTIES
January 1st, 2005
Keith NuthallTHE EUROPEAN Union (EU) has slashed 100% retaliatory duties on a wide range of textile products after Congress abolished foreign sales corporations giving illegal tax breaks to US exporters. EU ministers have suspended these duties until next January, while a World Trade Organisation (WTO) disputes panel examines whether successor legislation, the American Jobs Creation Act, complies with global trade rules. Meanwhile, a vestigial 14% additional duty will be imposed. All duties will be scrapped if the WTO approves the new US law, but the 100% duties ...
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