The European Union has announced that it expects the World Trade Organisation to rule this week on the level of sanctions that it can impose on the United States in retaliation for the latter's continued use of an 'unfair' export tax break scheme.
The WTO has ruled several times against the US' Foreign Sales Corporation (FSC) system, which allows giant American exporters such as Microsoft and Boeing to reduce their export taxes using sales companies located in offshore financial centres.
A verdict on the permissible level of sanctions was expected in mid-June, but the WTO's dispute settlement body asked for the deadline to be extended due to the complexity of the case.
The European Union has requested permission to impose retaliatory sanctions worth some $4 billion per year, claiming that this corresponds to the amount of trade damage done to European companies by the measure.
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