Phased EU retaliation on FSC

Reuters “reports”: 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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