Sunday, May 01, 2005

Canada and EU Raise Tariffs on US

U.S. clothing, paper products and sweet corn will soon be more expensive for Europeans. For Canadians, American cigarettes, hogs, oysters and fish will cost more. For the U.S., it's all part of a new trade war that will mean lost sales and probably lost jobs.
Starting today, American exporters of a wide range of products will be hit with penalty tariffs of 15 percent levied by Canada and the 25-nation European Union because of U.S. government payments to American companies that have been ruled illegal by the World Trade Organization.
Given current feelings in Congress, those penalties and additional sanctions pending in other countries could stay in effect for a long time, despite the Bush administration's opposition to it.

No comments: