EU Imposes Sanctions on U.S. Goods

The 15-nation EU said it had run out of patience with the United States for failing to repeal the Foreign Sales Corporation legislation two years after the tax breaks it offers to exporters were ruled illegal by the World Trade Organization.

The sanctions will hit an array of industries, ranging from jewelry to textiles and agricultural goods. Since the sanctions are gradual, they will increasingly hurt as time ticks down to congressional elections in November.