BRUSSELS/LONDON (REUTERS) - The United States won approval on Wednesday (Oct 2) to impose tariffs on US$7.5 billion (S$10 billion) worth of European goods over illegal EU subsidies handed to Airbus, threatening to trigger a tit-for-tat transatlantic trade war as the global economy falters.. Read more at straitstimes.com.
BRUSSELS/LONDON - The United States won approval on Wednesday to impose tariffs on US$7.5 billion worth of European goods over illegal EU subsidies handed to Airbus, threatening to trigger a tit-for-tat transatlantic trade war as the global economy falters.
The WTO has found that both Europe's Airbus and its US rival Boeing received billions of dollars of illegal subsidies in the world's largest corporate trade dispute, a legal marathon dating back to 2004. The agency's provisional list of products that are eligible to be targeted with tariffs ranges from Airbus jets themselves to helicopters, wine, handbags and cheese.
In the largest case ever handled by the WTO, Washington had requested permission to impose tariffs on up to US$11.2 billion of EU goods. Brussels is pushing for tariffs of around US$10 billion on American goods in a parallel process to be decided by the WTO early next year. "My sense is that there will be a settlement only after both sides have imposed tariffs on each other," he said.
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