Yahoo! News – EU Won’t Impose Immediate Trade Sanctions Against US: “‘I hope that rapid action from Congress will make sanctions unnecessary,’ E.U. Trade Commissioner Pascal Lamy said in a statement.

On Tuesday, a panel of arbitrators from the World Trade Organization ruled that the E.U. could impose sanctions in retaliation for U.S. failure to repeal the anti-dumping act that was ruled illegal by the WTO about four years ago.

U.S. steel producers and other companies have used the 88-year old law to fend off low-priced imports which are ‘dumped’ on the U.S. market, harming local producers. “

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