The WTO ruled that the EU can impose tariffs on $4bn-worth of American goods annually
A 16-YEAR fight at the World Trade Organisation between Boeing, an American planemaker, and Airbus, a European one, over illegal subsidies resembles a heavyweight boxing bout in which both sides raise their gloves to claim the round. And so it was on October 13th, when the WTO ruled that the EU can impose tariffs on $4bn-worth of American goods annually. The award is lower than last year’s decision that America is allowed to slap duties on $7.5bn in European goods.
The WTO eventually determined that both firms had received illegal subsidies. America used last year’s win to slap tariffs on everything from Scotch whisky to French cheese. Airbus now faces levies of 15%. Now the EU will be permitted to impose its new duties after October 27th. With no knockout blow on either side, the spat may end in a negotiated settlement. America has been more reluctant to talk. But it may reconsider, given the size of the EU’s permitted retaliation—and Boeing’s precarious position. Its aerospace giant has more to fear from the devastating effect of the pandemic on the world’s air travel. The continued grounding of the 737 MAX, its cash cow, after two fatal crashes means that battered carriers are cancelling orders without penalty.
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Europe Can Now Put Tariffs On $4 Billion In U.S. Products Each Year, Including Boeing Jets, Ketchup And Citrus FruitI'm a breaking news reporter for Forbes focusing on economic policy and capital markets. I completed my master’s degree in business and economic reporting at New York University. Before becoming a journalist, I worked as a paralegal specializing in corporate compliance.
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Europe Can Now Put Tariffs On $4 Billion In U.S. Products Each Year, Including Boeing Jets, Ketchup And Citrus FruitI'm a breaking news reporter for Forbes focusing on economic policy and capital markets. I completed my master’s degree in business and economic reporting at New York University. Before becoming a journalist, I worked as a paralegal specializing in corporate compliance.
Read more »