Citing the failure of the U.S. Congress to repeal tax laws deemed illegal last year by the World Trade Organization, the European Union says it will begin imposing retaliatory sanctions next week. But the EU has held out the hope that a resolution could still be reached. The European Commission adopted the proposal Thursday at its weekly meeting. The countermeasures are to be imposed gradually, beginning March 1, the group said in a statement posted on its Web site. "The commission’s proposal is in line with the WTO authorization, granted earlier this year, to apply countermeasures of up to $4 billion following the failure of the U.S. to comply with the WTO rulings," it said.
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