U.S. bitten by their own free trade bug
I wonder if those Americans who told us how wonderful WTO and Free Trade is still think the same now.
The World Trade Organization today ruled that the European Union can impose trade sanctions of up to $4 billion against the United States in a tax dispute, the biggest penalty it has ever allowed.
The sanctions are 20 times the amount levied in any previous WTO dispute. Experts say their potential effect on EU-U.S. trade would be so serious that the ruling will likely prompt a new compromise between the two sides.
The WTO considered the request from the EU after ruling last year that a system of tax breaks for companies from the United States was an illegal subsidy and violated international trade rules.