September 22, 2008

Bowing to pressure from several of its major trading partners, the European Union this week announced it would eliminate steep tariffs on certain high-tech products.

Earlier this year, the U.S., Japan, and Taiwan sued the EU because of high European tariffs on flat-panel monitors, cable and satellite boxes that access the Internet, and printers that can also scan, fax, and copy.

The move will also help the EU avoid a lengthy and costly investigation into the matter by the World Trade Organization.