EU Will Seek to Impose Sanctions on U.S.

[ylexot]

http://news.yahoo.com/news?tmpl=story&u=/ap/20050331/ap_on_bi_ge/eu_us_trade_sanctions_11

BRUSSELS, Belgium - The European Union head office said Thursday it will seek to impose additional sanctions of up to 15 percent on U.S. products to punish Washington for failing to repeal an antidumping law ruled illegal by the World Trade Organization.

And before anyone starts blaming Bush...

The law, known as the Byrd amendment, allows American companies to receive proceeds from antidumping duties levied on foreign rivals.

It was approved in 2000 and in four annual distributions, over $1 billion has been distributed to such industries as steel and metal producers and food and household items.

 

[Spoiled]

Well the EU has a more powerful economy than us, so this could hurt


I have a feeling it wont get passed though

 

[2ndAmendment]

Well the EU has a more powerful economy than us, so this could hurt

Are you sure of this? I have not done the research, but I think you may be mistaken. Anyone have the facts?

 

[Ken King]

If the European Union were a state in the USA it would belong to the poorest group of states. France, Italy, Great Britain and Germany have lower GDP per capita than all but four of the states in the United States. In fact, GDP per capita is lower in the vast majority of the EU-countries (EU 15) than in most of the individual American states. This puts Europeans at a level of prosperity on par with states such as Arkansas, Mississippi and West Virginia. Only the miniscule country of Luxembourg has higher per capita GDP than the average state in the USA. The results of the new study represent a grave critique of European economic policy.

Stark differences become apparent when comparing official economic statistics. Europe lags behind the USA when comparing GDP per capita and GDP growth rates. The current economic debate among EU leaders lacks an understanding of the gravity of the situation in many European countries. Structural reforms of the European economy as well as far reaching welfare reforms are well overdue. The Lisbon process lacks true impetus, nor is it sufficient to improve the economic prospects of the EU.

 

[Club'nBabySeals]

Are you sure of this? I have not done the research, but I think you may be mistaken. Anyone have the facts?

He could be right...I can tell you for certain that the Euro is currently stronger than the Dollar....perhaps that's the indicator.

 

[Triggerfish]

Although the Euro is now more powerful than the US $ and all indication points towards it staying that way, Even with all of the EU nations combined it is the 2nd largest economy in the world.

Biggest individual national economies

1. U.S.A.
2. Japan
3. Germany

EU Combined

1. U.S.A.
2. EU
3. Japan

 

[Triggerfish]

If the European Union were a state in the USA it would belong to the poorest group of states. France, Italy, Great Britain and Germany have lower GDP per capita than all but four of the states in the United States. In fact, GDP per capita is lower in the vast majority of the EU-countries (EU 15) than in most of the individual American states. This puts Europeans at a level of prosperity on par with states such as Arkansas, Mississippi and West Virginia. Only the miniscule country of Luxembourg has higher per capita GDP than the average state in the USA. The results of the new study represent a grave critique of European economic policy. .

Even if they have lower per capita GDP, the EU has a larger population than the U.S. If I remember correctly almost 50% more. Before the former Warsaw Pact nations joined the EU, the per capita GDP was higher than now but it still increased their total GDP. Argument of per capita GDP is moot. what matters is the total GDP of the European Union.

No matter what the sanctions are going to hurt when its coming from the world's number 2 economy.

 

[SamSpade]

No matter what the sanctions are going to hurt when its coming from the world's number 2 economy.

It'll hurt them, worse, in the long run.

 

[Triggerfish]

Possible but they think they're already hurting. In the LONG run they'll probably be the larger economy.

 

[dems4me]

Possible but they think they're already hurting. In the LONG run they'll probably be the larger economy.

 

[Lenny]

http://news.yahoo.com/news?tmpl=story&u=/ap/20050331/ap_on_bi_ge/eu_us_trade_sanctions_11 And before anyone starts blaming Bush...

While at the same time Germany is advertising on late-night American television like a later day Ron-Co.