US drops trade preferences for Argentina - WAOW - Newsline 9, Wausau News, Weather, Sports

US drops trade preferences for Argentina

BUENOS AIRES, Argentina (AP) -- The United States has dropped Argentina from its system of trade preferences over the South American country's failure to pay court-ordered damages to two U.S. companies.

The damage award totals $300 million plus interest, and until Argentina pays up, the country no longer qualifies under U.S. law for the trade preferences. They enabled $477 million in Argentine goods to enter the United States duty-free last year.

U.S. Trade Representative Ron Kirk urged Argentina to pay the damages so that the trade preferences can be restored.

Most of the world's countries get the U.S. preferences. In the same statement, the U.S. announced it was giving favored trade status to the Republic of South Sudan.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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