U.S. Chamber of Commerce - Oct 7 - Chamber Supports Final “Fix” to End E.U. Tariffs

Chamber Supports Final “Fix” to End E.U. Tariffs
Bill Corrects Export Tax and Global Competition Issues

WASHINGTON, D.C. – The United States Chamber of Commerce urged the House and the Senate to take up final legislation before the Election Recess to comply with the U.S.’s obligations under international trade agreements and end E.U. sanctions of American-made goods.

“The E.U. tariffs are hurting U.S. exports at a time when our economy is showing signs of renewed vigor,” said Bruce Josten, Chamber executive vice president. “This bill reestablishes our leadership and standing among world traders and puts an end to an ongoing trade war.”

The final bill includes incentives for companies to reinvest their earnings in the U.S., extends invaluable small business tax options, and includes a number of reforms to international tax laws that will help make U.S.-based companies and workers more competitive in world markets.

The World Trade Organization had ruled that the tax structure for U.S. exporters was in violation of trade rules and authorized the E.U. to impose as much as $4 billion annually in sanctions. The E.U. responded with tariffs on a range of American-made products, including: jewelry, agriculture, wood products, toys, textile and apparel products, refrigeration equipment, iron and steel products, construction equipment and paper products.

“On the whole, this bill will help make U.S. companies of all sizes more competitive in global markets by reducing taxes and simplifying the tax code,” said Josten. “Lawmakers must pass this bill before leaving town for the elections – and without allowing politics over issues unrelated to corporate tax structure to hold it hostage.”

The U.S. Chamber of Commerce is the world’s largest business federation representing more than three million businesses and organizations of every size, sector and region.