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EU Sanctions on US Goods

The EU Regulation outlining 14% retaliatory tariffs on certain imported US goods, will now be withdrawn.

The US Congress voted to repeal the FSC grandfathering benefits for sales contracts which was the EU's primary impetus for initiating the tariffs. The Commission will now suspend these additional customs duties. Timing of a repeal is unclear but if duties are collected beginning May 16, it is our understanding that they will be retroactively refunded once the new regulation is enacted.

The Directorate General of Trade posted the following statement to its web site this morning:

"The European Union has warmly welcomed the repeal by the US Congress of WTO incompatible tax breaks for US companies contained in the Jobs Act. The US has today repealed the tax benefits as part of wider tax legislation. The EU welcomes the constructive work of the USTR’s office and Chairman Bill Thomas and Chairman Charles Grassley in removing the measures from US law.

EU Trade Commissioner Peter Mandelson said: "I welcome the constructive line taken by the US, in particular by USTR Rob Portman and USTR-designate Susan Schwab and by Chairman Thomas and Chairman Grassley. This decision also creates a positive atmosphere for the EU-US Summit in June."
The US decision contributes to a positive atmosphere in the EU-US trade relationship to coincide with the transition to incoming USTR Susan Schwab and as the EU and US prepare for the EU-US Summit in June. The EU, which had been authorized by the WTO to enforce retaliatory measures if the tax benefits were not removed, will now withdraw the reintroduction of sanctions foreseen for May 16."

More information on this topic you can find the U.S. Mission to the EU website at http://useu.usmission.gov/