US strikes deal to avoid Japan, EU trade sanctions

Reuters News
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Posted: Feb 06, 2012 9:29 AM

WASHINGTON (Reuters) - 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 some anti-dumping duties.

"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.

(Reporting By Doug Palmer; Editing by Bill Trott)