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WTO greenlights US to slap $7.5bn tariffs on EU aircraft

WTO greenlights US to slap $7.5bn tariffs on EU aircraft

Mubasher: The World Trade Organization (WTO) on Wednesday approved the US request to levy tariffs on $7.5 billion worth of goods incoming from the European Union (EU), on the back of illegal subsidies granted to aircraft maker Airbus, according to Reuters.

Washington filed a request for permission to levy tariffs on up to $11.2 billion of EU goods, while Brussels was pursuing tariffs of nearly $10 billion on US goods.

The Geneva-based body concluded that both Europe’s Airbus and its US rival Boeing received billions of dollars of illegal subsidies in the world’s 15-year largest corporate trade dispute.

The two cases are set to trigger a tit-for-tat tariff transatlantic trade war, starting with the US measures.

It is worth noting that before levying any duties, parties’ report should first receive formal adoption by the WTO’s Dispute Settlement Body within 10 to 4 weeks.

In the current time, the US Trade Representative is due to narrow down a preliminary list of goods in line for tariffs, Reuters said, citing a US source.

The list of products that are set to be hit with tariffs includes Airbus jets and helicopters, handbags, and cheese.