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European Union Attains Rights to Impose Tariffs on $4 Billion in U.S. Goods

The WTO gives a green signal to the EU to battle over the Airbus-Boeing case

The Global Economics by The Global Economics
October 13, 2020
in Trending, Finance
Reading Time: 1 min read
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European Union Attains Rights to Impose Tariffs on $4 Billion in U.S. Goods

European Union Attains Rights to Impose Tariffs on $4 Billion in U.S. Goods

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In a statement, World Trade Organization said the European Union (#EU) can impose tariffs on $4 billion of U.S. Goods for Boeing annually, heightening the 16-year legal aircraft dispute.

Attention in the U.S. is made on the EU retaliatory tariffs, which includes aircraft. The trade talk is significant for Boeing as the company wants to have its 737 Max corrected after the aircraft crashes and safety investigation.

On Tuesday, the ruling made way for the EU to acknowledge the tariffs imposed on $7.5 billion Airbus by the trade body last year. Both the parties- US and EU have hinted in the settlement of the dispute over aircraft subsidies.

The aircraft dispute is the longest since the inception of World Trade Organization (#WTO).  Since 2004, the jetline battle has tested the resolve of WTO, having consumed over $100 million in costs.

In a tweet, EU Trade Commissioner Valdis Dombrovskis mentioned that he’d re-engage with the US immediately to favor a just settlement.

According to #Airbus Chief Executive, Guillaume Faury, support towards any action of EU is made as the company is ready to support a fair negotiation process leading to a fair settlement.

Tags: AirbusEUWTO
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The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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