EU kills tariffs on U.S. imports
BRUSSELS, Belgium -- The European Commission said Friday plans for punitive tariffs on U.S. imports would be dropped after U.S. lawmakers voted to repeal legislation that grants tax breaks to leading exporters, including The Boeing Co. The Senate voted Thursday to scrap the tax breaks, which were ruled illegal by the World Trade Organization despite several revisions, as it approved a $70 billion package of tax cuts. President Bush is expected to sign the bill next week. European Union Trade Commissioner Peter Mandelson said this paved the way for a positive atmosphere at the EU-U.S. summit in June.
The WTO had authorized the EU to reimpose a 14 percent tariff on about $2.5 billion worth of U.S. imports next Tuesday if the U.S. tax breaks were not scrapped.
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