WASHINGTON, Oct. 22 (Xinhuanet) -- US President George W. President Bush signed on Friday a new corporate tax bill which will shower 136 billion dollars on US businesses, farmers and other groups in coming years.

    The bill, aimed at ending a bitter trade war with European countries, is the most sweeping rewrite of US corporate tax law innearly two decades.

    There was no ceremony for the bill-signing and President Bush made no comment on the new bill, White House press secretary ScottMcClellan said on Friday.

    The original purpose for the legislation was to repeal a 5-billion-dollar annual tax break provided to American exporters that was ruled illegal by the World Trade Organization (WTO). Repeal of the tax break was needed to lift retaliatory tariffs that are now being imposed on more than 1,600 American manufactured products and farm goods exported to Europe. However, the new bill give more tax breaks for US businesses.

    The centerpiece of the bill is a new tax relief of 76.5 billiondollars for the battered manufacturing sector which is broadly defined to include oil and gas producers, engineering, construction and architectural firms and large farming operations.

    The bill also provide 42.6 billion dollars in tax relief to multinational companies and includes a 10.1-billion-dollar buyout of quotas held by tobacco farmers.

    The US House of representatives and Senate passed the new corporate tax bill earlier this month. Enditem