The United States said on Monday it has struck a deal sparing U.S. exporters from hundreds of millions of dollars in European and Japanese trade retaliation in a dispute over how Washington calculates anti-dumping duties on steel and other goods.
"I am proud to announce today that we have finally put these burdensome and potentially damaging trade disputes behind us," U.S. Trade Representative Ron Kirk said in a statement on the "zeroing" deal struck with the European Union and Japan.
"What this means for the American people and the country as a whole is that American farmers and businesses can invest in job-creating export markets without the uncertainty of possible trade retaliation," Kirk said.
The United States has lost numerous cases at the World Trade Organization in the past decade over a practice called "zeroing" used to calculate anti-dumping duties on products it says are being sold in the United States at less than fair value. (Reuters)
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