Without fanfare, U.S. President George W. Bush signed into law on Friday a nearly US$140 billion corporate tax cut bill derided by both Democratic presidential rival John Kerry and Republican Senator John McCain as a giveaway to special interests.
The new law aims to end a trade fight with the European Union by repealing U.S. export tax subsidies that violate global trade rules. But the EU has objected to some of the provisions and has yet to say whether it will remove its sanctions on US$4 billion worth of U.S. goods.
Bush signed the measure into law aboard Air Force One en route to a campaign rally in Pennsylvania, forgoing a public signing ceremony that would have attracted attention to the tax cuts less than two weeks before Election Day.
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