Editorial: Taxes and trade sanctions

A country can make constructive use of some assaults on its sovereignty. The US should do so now, with European Union trade sanctions taking effect after a series of contrary rulings by the World Trade Organization.The WTO has rebuffed every US effort to answer European objections to tax treatment of foreign earnings by American companies. On Mar. 1, EU countries began exercising WTO approval of retaliatory tariffs on US goods worth a total of $4 billion. The US has three ways to respond: submit, retaliate in defiance of the WTO, or overhaul relevant tax laws. The last option is the best. The laws need changing—and not just because the WTO says so.Foreign pressureIn an election year...

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