US to fight EU calls for sanction request
www.moneynews.co.uk > Other > US to fight EU calls for sanction request
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US to fight EU calls for sanction request
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The conflict stems from the World Trade Organisation's decision to outlaw payments made under the Byrd Amendments, through which US companies receive part of the fines levied against rivals who sell products at artificially low prices.
The decision to make the payments illegal was taken after the EU and 11 other nations, including Japan, Australia, Canada, Mexico, Brazil, Chile, India, Indonesia and South Korea, all complained to the WTO.
On Monday, EU Trade Commissioner Pascal Lamy warned that if US compliance is not forthcoming, sanctions would be imposed.
"It is clear that the Byrd Amendment is a WTO-incompatible response to dumping and subsidisation and must go," Mr Lamy said.
The general counsel in the US Trade Representative's office John Veroneau said that the US would be calling for arbitration in light of the fact the law does not impact on European exports.
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