Phased EU retaliation on FSC

Reuters “reports”:http://www.reuters.co.uk/newsPackageArticle.jhtml?type=businessNews&storyID=465199&section=finance that the EU will, after all, start phased retalitation for the FSC from 1 March. bq. European Union Trade Commissioner Pascal Lamy says the EU will slap a 5 percent duty on more than $4 billion worth of U.S. exports beginning on Monday because of Congress’ failure to repeal tax breaks declared illegal by the World Trade Organisation. bq. “The picture is now quite clear. Countermeasures will go into effect by next Monday,” Lamy told the European American Business Council after meeting with the chairman of the U.S. House of Representatives Ways and Means Committee. The EU initially threatened 100% tariffs, but was reported recently[⇒ related story] as offering a further delay if progress on the amending legislation (third attempt) was made by 1 March.

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