US imposes tariffs on European goods amid aircraft subsidies dispute
Boeing Co.
$163.73
08:05 25/04/24
The US government said overnight that it would raise tariffs on certain European goods such as French and German wines amid a long-running dispute over aircraft subsidies.
Airbus
€68.69
18:54 22/03/17
Dow Jones I.A.
38,010.21
04:30 15/10/20
Aircraft components made in the EU would also be hit, according to the Office of the US Trade Representative (USTR), adding to the the list of products taxed since 2019. The 27-member EU and US have been in dispute over subsidies for aircraft manufacturers Airbus and Boeing for 16 years.
The USTR did not say when the tariffs would take effect but noted that additional details would be “forthcoming.”
On Wednesday, the US said it was taking action because it said when the EU imposed tariffs on American goods it used trade data when volumes had been "drastically reduced due to the horrific effects" on the global economy by the coronavirus pandemic.
"Europe imposed tariffs on substantially more products than would have been covered if it had utilised a normal period," the USTR said.
"Although the United States explained to the EU the distortive effect of its selected time period, the EU refused to change its approach."
In 2019, the World Trade Organisation (WTO) said the US was justified to retaliate against the EU on $7.5bn (£5.4bn) worth of goods for support granted to Airbus. The EU was also authorised this year by the WTO to levy additional customs duties on $4bn worth of American products.