According to a report in the Financial Times, a European Commission official has hinted that the EU may take a more flexible stance in its trade dispute with the United States over export subsidies.
The news comes soon after Unice, a European body representing 16 million firms across the union, wrote to Trade Commissioner Pascal Lamy urging him to take a less confrontational attitude towards the US by accepting a phasing-in period for new export tax legislation.
"European business does not like sanctions because they hurt interests which have nothing to do with the disputes. It regards them only as a last resort,” stated the letter signed by Jürgen Strube, supervisory board chairman of German chemical group BASF and Unice president.
Whilst the Commission has been hostile to the idea of allowing a transitional period for a new US tax regime, recent reports quoting Brussels insiders indicate that Europe’s stance may now be softening somewhat.
"What's important is that [the US] makes a move by March 1. If there's legislation by then, they are safe," observed an EU official, according to the FT.
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