NewsBreak: U.S. Mulls Raising Tariffs on EU Over 'Illegal' Airbus Subsidies
Investing.com
Published Dec 02, 2019 03:03PM ET
Updated Dec 02, 2019 03:20PM ET
Investing.com – The United States said Monday it will consider raising tariffs on a range of imported products including large civil aircrafts from the European Union after the World Trade Organisation rejected the EU's latest claims that its subsidies to Airbus were legal. The announcement added to the trade-related worries weighing on equities.
- The WTO panel on Monday again found that European governments' subsidies to Airbus caused the Boeing 777, 787, and 747 aircraft to lose sales and market share to Airbus. “Today’s findings (from the WTO) confirm that, despite losing in five previous WTO reports, Europe remains more focused on generating meritless litigation than it is in addressing the massive subsidies to Airbus that continue to harm the U.S. aerospace industry and its workers,” U.S. Trade Representative Robert Lighthizer said in a statement.
- Following the WTO ruiling on Monday, the U.S. said it would initiate a process to assess increasing the tariff rates and subjecting additional EU products to the tariffs. A Federal Register Notice regarding the process is expected to be published later this week.
- In October, the U.S. imposed tariffs of 10% on large civil aircraft and 25% on agricultural and other products, with the bulk of these tariffs being applied to imports from France, Germany, Spain and the United Kingdom, the four countries responsible for the illegal subsidies, the USTR said.
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Written By: Investing.com
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