The last time the U.S. was required by the WTO to repeal provisions of the FSC, doing so involved savings of about $30-$40 billion/year in "subsidies." Chairman Bill Thomas of Ways & Means used that "savings" to fund general tax cuts for corporation, I think including the cuts in tax rates on capital gains and dividends, plus improved depreciation schedules, etc. This article says nothing about the amount of "savings" involved in this repeal of FSC. It must be substantial, or it would be no big deal. Do you have any idea how much?
The latest action forced by the WTO was the repeal of the Extra-Territorial Income Regime, aka "ETI"......but the impact of the repeal was spread across the board, not specifically targeted to exporters....as that was the crux of the WTO beef. Here's a link to the scoring of the final bill: http://www.house.gov/jct/x-68-04r.pdf
And here's a link to everything you ever wanted to know about HR 4520, The American Jobs Creation Act of 2004: http://waysandmeans.house.gov/Links.asp?section=1559&keywords=HR+4520
Here's a link to the Senate Finance Website, specifically "The Role of the Extraterritorial Income Exclusion Act in the International Competitiveness of U.S. Companies", where there was a LOT of REALLY GOOD testimony: http://www.finance.senate.gov/sitepages/2002HearingF.htm/hearing073002.htm