August 18, 2019, 23:04


Trump: US to Slap $11bln Tariffs on EU Products Over Subsidies to Airbus

Trump: US to Slap $11bln Tariffs on EU Products Over Subsidies to Airbus

European aircraft maker Airbus slammed earlier in the day Trump’s plans to introduce tariffs over some EU products as lacking any “legal basis,” adding that US damages estimate was “largely exaggerated.”

US President Donald Trump turned to Twitter on Tuesday to announce that the US was introducing $11 billion worth tariffs on EU products due to the bloc’s subsidies to Airbus.

“The EU has taken advantage of the U.S. on trade for many years. It will soon stop!” Trump noted on Twitter.

Commenting on the planned move, French Finance Minister Bruno Le Maire has warned that the US and the EU “cannot allow” a fresh conflict over European plane-maker Airbus.

Airbus, in its turn, said that the latest WTO report would allow the bloc to consider “even greater countermeasures.”

The day before, the Office of the US Trade Representative (USTR) released a list of products which might face additional duties. It includes several types of aircraft produced in France, Germany, Spain or the United Kingdom; various foods, including yogurts, fish steaks, wines and cheeses as well as clothes, linen and a large number of other products produced in any EU member state.

Washington’s row with Brussels over subsidies to Airbus, a long-time rival of US competitor Boeing, dates back to 2004 when the US first turned to the WTO. In 2011, the WTO claimed that Airbus received $18 billion in subsidies from the EU between 1968 and 2006.

The US argues that the EU subsidies caused a decline in Boeing sales and led to it losing market share in countries across the world.

READ MORE: France Warns Europe and US Cannot Allow Trade Conflict Over Airbus Subsidies

The EU, for its part, accused the US of providing Boeing with unfair support, including through tax concessions, and dealing with the issue at the WTO. Brussels claims that Washington provided Boeing with more than $5 billion in subsidies between 1989 and 2006.

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