US firms stand to lose

Boeing Co, the biggest planemaker, and Motorola Inc are among the US companies that will be the most hurt from a bill that proposes to scrap a 30-year old corporate tax break, the Wall Street Journal reported, citing US Representative Amo Houghton. The US is facing pressure from the WTO to end its Extraterritorial Income Exclusion, which has helped US exporters preserve their profits, the WSJ said. The US$5 billion-a-year subsidy sparked a trading dispute between the US and Europe.