US President George W. Bush has urged Congress to "act now" to avert economic sanctions from the European Union over US corporate tax breaks that violate world trade rules.
"The Congress should act now to end the threat of these tariffs and promote the competitiveness of American manufacturers and other job creating-sectors of the US economy," Bush said in a statement.
The European Union today slapped hundreds of millions of dollars in annual economic sanctions on US jewelry, textiles, food, equipment and other exports, stepping up pressure on Washington to repeal the corporate tax breaks.