EU to lift punitive tariffs on various US goods

EU to lift punitive tariffs on various US goods

European Union (EU) announced yesterday that it agreed to lift punitive tariffs on various US goods it implemented in March 2004, following the new US tax bill which was signed into law on Friday by President Bush. As previously reported by SteelOrbis, EU implemented a 5% tariff on 1'600 different US goods, varying from steel to textiles in March 2004 to be increased by 1% each month till the illegal US duties expire in March 2005. EU trade chief Pascal Lamy announced that EU tariffs will not be lifted till the new tax rules go into effect on January 1, 2005.