WTO to possibly impose US fine of 100...Billion...dollars....

No, it's not a fav line from Austin Powers. It's real, and it's huge.

International trade policy and Internet gambling experts spoke today about the need for the U.S. to quickly resolve the trade dispute around Internet gambling as it could result in penalties in excess of $100 billion in U.S. trade compensation, discredit the World Trade Organization (WTO) and undermine U.S. credibility.

The WTO previously ruled, in response to a dispute filed by Antigua and Barbuda, that the U.S. unfairly prohibits foreign Internet gambling operators from accessing the U.S. market, all the while allowing domestic companies to legally accept online bets.

In response, the Office of the U.S. Trade Representative announced the U.S. intention to withdraw its commitments to the WTO, thus allowing the United States to keep its markets to offshore-based internet gambling operators closed. Currently, the European Union (representing 27 member states), India, Japan, Australia, Canada, Costa Rica, Macao, and CARICOM (representing 15 Caribbean nations) have joined Antigua and Barbuda in seeking compensation from the U.S. for economic injury resulting from this trade agreement violation. If the U.S. does not settle with each country, the trade concessions will be determined by WTO arbitration.

LLLLLLetttttttt's Get rrrrrrreaaaaaady to rumbblllllllllllllllllllllllllllllllllllllllle!!!!

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