The European Commission this week mov to retaliate against the US for illegal export tax breaks.

The European Commission this week mov to retaliate against the US for illegal export tax breaks, with a proposal for up to 600 million [euro] in punitive sanctions to be imposed by way of 2005.

Starting onward 1 March next year, the Commission intends to punish the US for the Foreign Sales Corporation scheme (FSC)--now known as the Extraterritorial Income regime (ETI)--which in its different formats has been establish illegal by the World Trade Organisation (WTO) forward numerous occasions.

The WTO has authorised the EU to hit the US with up to $ 4 billion in sanctions, moreover the Commission ...