President Donald Trump is poised to hit Europe with tariffs on up to $7.5 billion of EU exports per year, setting the stage for an escalation of the transatlantic trade fight.
The World Trade Organization on Wednesday published a ruling giving the U.S. the green light to impose the punitive tariffs on the EU over excessive subsidies for aerospace giant Airbus — as previously reported by POLITICO.
“The United States may … take countermeasures with respect to the European Union and certain member States … at a level not exceeding, in total, $7,496.623 million annually,” the conclusions of the ruling state.
The decision marks the highest penalty ever granted by a WTO arbitrator.
A verdict on a parallel case by the EU against U.S. subsidies for Airbus’ arch-rival Boeing is expected in about eight months.
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Donald Trump is poised to hit Europe with tariffs on up to $7.5 billion of EU exports per year.
It's setting the stage for an escalation of the transatlantic trade fighthttps://t.co/jdAGiMUW0Q
— POLITICO (@politico) October 2, 2019
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