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European trade penalties rise as Congress debates response
The United States faces WTO penalties of 5 percent on all exports and rising monthly for failing to repeal an illegal $5 billion export subsidy. Senate and House duel over replacing tax cuts, while the weak dollar and job worries shape the debate as lawmakers push for a budget-focused plan this week. Senator Max Baucus signals Democrats will propose amendments to send a message to voters.
MENTIONED IN THIS ARTICLE
Washington
United States
World Trade Organization
U.S
WTO
House
Senate
Gary Hufbauer
Institute of International Economics
Max Baucus
D-Mont