EU and WTO Continue Trade Attack
The WTO has ruled that the U.S. has not sufficiently removed the 'unfair' tax breaks provided to exporters of American goods. The EU in response has reaffirmed, although most likely only in diplomatic bluster, that sanctions remain an option if Congress doesn't act to fully abolish the no longer utilized FSC and ETI laws.
The ruling of the WTO's appelate board gives Congress 60 days to act. The paleo-conservative notions that the U.S. is forfeiting sovereignty (through agreements with the WTO and other international bodies) are surely not altogether off target here. Free trade should not preclude incentive tax structures in the U.S. where we compete against markets supported by collectivist governments such as those in Europe. At the same time, if we aren't offering the tax advantage, then there is no harm in removing it from the books - so long as the benefits of prior years are remain as is.