"Nonsense. The WTO wields a mighty big stick...and like it or not, we're members, bound by their decisions."
That's what withdrawal is for, with the tariff legislation set to go in effect the day after the time limit.
"A year ago we passed a significant tax bill to appease the mighty WTO."
Like I said..a complete LACK OF BALLS! There were appeals that could be made that would have locked the whole process up in bureaucracy for 1-3 years, plenty of time for a withdrawal to take place. But the instant the WTO makes a decision the US govt cowers like a beaten dog.
"But the instant the WTO makes a decision the US govt cowers like a beaten dog."
Actually, this dispute has been brewing for some 30 years, the ETI dispute was just the last chapter. The WTO had previously declined to impose trade sanctions, but had ruled the DISC and FSC regimes (previous provisions of our tax code) to be illegal export subsidies....the ETI dispute, if memory serves, was the third US attempt to circumvent their previously, clearly expressed will. The last straw...and the WTO finally snapped...and I can't say that I would have acted differently.
I would however have withdrawn from this organization long ago.
Here's a very nice synopsis of the dispute:
http://www.finance.senate.gov/hearings/testimony/073002rztest.pdf