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US mulls imposing $3.1 billion tariffs on EU exports

US mulls imposing $3.1 billion tariffs on EU exports

Mubasher: The US is considering imposing new tariffs worth $3.1 billion on exports from France, Germany, Spain, and the UK, as part of its dispute with the trading partners on aircrafts trade, Bloomberg reported.

The new tariff would be imposed on some European products, including olives, beer, trucks, aeroplanes, cheese, and yoghurt, according to a notice published by the Office of the U.S. Trade Representative late on Tuesday.

The new tariffs may record as high as 100%, which would heavily affect European luxury brands and double the prices of the products and may lead to preventing their entry into the US.

In February, the US government announced that it would raise tariffs on exports of Airbus aircraft and parts to 15% from 10% due to the European Union's illegal subsidies to Airbus.

In October, the World Trade Organization (WTO) said that some European countries have granted Airbus illegal subsidies and loans, which unfairly support the company.

Hence, the WTO has authorised the US to impose $7.5 billion tariffs on European products.