WASHINGTON — An executive for Wal-Mart joined other executives Tuesday in warning a Senate panel that U.S. companies with foreign operations could lose millions and be less competitive globally if Congress isn’t careful in fixing a tax break deemed by the World Trade Organization to be an illegal subsidy.

Lawmakers are under pressure to repeal a tax break for foreign-generated corporate income. If a fix isn’t in place by mid-August, the European Union will be able to retaliate against U.S. exports, including some apparel.

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