Washington (May 13, 2004) -- The Senate this week overwhelmingly approved a bill that would, among other things, repeal the export tax incentive deemed illegal by the World Trade Organization and head off trade sanctions from Europe on U.S. manufacturers and agricultural producers.
The legislation, dubbed the "Jumpstart Our Business Strength Act," won full Senate approval on a 92-5 vote. It would end trade sanctions being imposed by the European Union. The sanctions came after the WTO declared a tax break for U.S. exporters an illegal subsidy and authorized $4 billion in sanctions against the U.S. until the tax break was repealed, according to published reports.
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