EU calls for WTO sanctions against US

08/02/2010 12:00 - 571 Views

The European Union has called on the World Trade Organization (WTO) to impose sanctions on US-made goods in retaliation for the country's anti-dumping measures.

Europe wants the world trade body to approve USD 311 million in sanctions on American exports for using a method of accounting called "zeroing" that results in import penalties on European goods such as steel, chemicals and pasta.

The WTO says the exercise violates global rules; however, it has yet to take action against the practice.

The sanctions will "take into account the direct trade loss caused by the WTO inconsistent measures," as well as other damage to EU trade, the WTO reported on its website on Wednesday.

Brussels is now urging the global trade body to approve either punitive tariffs of 100 percent on USD 311 million worth of US exports to the EU or placing a 13.18 percent tax on annual trade of USD 477 million in selected American goods.

The EU believes Washington's method of calculating the degree of dumping in its market is unacceptable.

RB/SAR/MMN

Thu, 04 Feb 2010 16:37:30 GMT

Source: www.presstv.ir