November 12, 2020
EU Imposes Tariffs on US Goods in Airbus-Boeing Dispute
The European Union will impose tariffs on $4 billion worth of U.S. goods, CNN reported.
Last month, the World Trade Organization ruled that the EU could impose the tariffs on the U.S. for subsidies the U.S. granted to the Chicago-based aircraft manufacturer Boeing.
The move is largely reciprocal. The WTO in October 2019 allowed the U.S. to impose tariffs on $7.5 billion worth of EU goods and supplies as a consequence of the bloc’s financial assistance to the Netherlands-based Airbus, Boeing’s chief rival.
Last month, following the WTO ruling, President Donald Trump said the U.S. would retaliate if the EU went ahead with the tariffs.
“If they strike back, then we’ll strike much harder than they’ll strike. They don’t want to do anything, I can tell you that,” Trump told reporters before boarding the Marine One helicopter ahead of campaign rallies.
(Source: Business Insider)