U.S. to drop Byrd law, after two-year delay
A teaser:
WASHINGTON — The U.S. Congress is dropping a trade law opposed by Canada because it allows American companies to profit from penalties on imports like softwood lumber.
The Senate narrowly agreed to repeal the so-called Byrd amendment as part of a sweeping $40-billion US budget-cutting bill. Vice-President Dick Cheney cast the tie-breaking vote in the 51-50 decision.
But proponents of the law, named for Senator Robert Byrd of West Virginia, struck a deal to delay ending the provision until Oct. 1, 2007.
That will allow the U.S. Treasury to continue funnelling money from duties on Canadian imports directly to American competitors for two more years. The Byrd amendment is the mechanism for distributing billions in Canadian softwood lumber penalties to rival U.S. firms, although that money is still being held by U.S. Customs. [/end of teaser]
I say bloody well time. It should of been dropped immediatly, not in two years. It is legalized extortion.
A teaser:
WASHINGTON — The U.S. Congress is dropping a trade law opposed by Canada because it allows American companies to profit from penalties on imports like softwood lumber.
The Senate narrowly agreed to repeal the so-called Byrd amendment as part of a sweeping $40-billion US budget-cutting bill. Vice-President Dick Cheney cast the tie-breaking vote in the 51-50 decision.
But proponents of the law, named for Senator Robert Byrd of West Virginia, struck a deal to delay ending the provision until Oct. 1, 2007.
That will allow the U.S. Treasury to continue funnelling money from duties on Canadian imports directly to American competitors for two more years. The Byrd amendment is the mechanism for distributing billions in Canadian softwood lumber penalties to rival U.S. firms, although that money is still being held by U.S. Customs. [/end of teaser]
I say bloody well time. It should of been dropped immediatly, not in two years. It is legalized extortion.