WTO rules for European Union right to tariffs in Boeing dispute

US-eU-aircraft-tariffs-getty

The World Trade Organization on Tuesday allowed European Union to impose tariffs worth $4 billion on USA goods in the 16-year-old case of unfairly subsidizing the native airplane manufacturers. It further said that the illegal subsidies to Boeing had cost Airbus $4 billion in lost sales and market share every year.

USTR said Washington continues to impose tariffs on European Union goods because of the EU's failure to withdraw billions of euros of illegal launch aid subsidies for the Airbus A380 and A350 programs, but noted it had "exercised restraint" by not imposing the full amount of authorized countermeasures.

"It is my hope that the USA will now drop the tariffs imposed on European Union exports a year ago", he added.

The latest set of tariffs also potentially create a tricky situation for Britain, which, despite its historic support for Airbus, is in the midst of negotiating trade deals with both Brussels and Washington as it completes its exit from the EU.

On top of Tuesday's $4bn, European sources have said the EU could also use dormant tariffs on a further $4bn of United States products left over from an earlier case, giving it firepower similar to that which Washington is able to use.

Wells Fargo fires more than 100 workers over relief fund abuse
Net income dropped 34% to $3.23 billion, or $1.40 a share, beating the 92-cent average of analyst estimates compiled by Bloomberg. The bank's efficiency ratio, a measure of profitability, worsened to 71 per cent from 60 per cent in the second quarter.

The result parallels an earlier ruling against the EU allowing US tariffs that for the past year have increased the price of many European products sold here, including Airbus jets.

"Any imposition of tariffs based on a measure that has been eliminated is plainly contrary to WTO principles and will force a U.S. response". After that, the ruling may spur transatlantic negotiations to try to reach a settlement of the 16-year-long dispute over government subsidies to airplane manufacturers. "Boeing supported repeal of the Washington state tax provision because complying with WTO rulings is the right thing to do, even though it was costly and came at a hard time for our company and the industry".

Both sides filed complaints at the WTO on October 6, 2004, though the parallel cases have followed different timetables.

In October 2019, 15 years into the case, the US finally slapped tariffs of 25% on a series of non-aerospace goods including European wine, whiskey and cheese and a 10% tariff on European-built Airbus jets.

He believes that the WTO has tried to ensure a level-playing field between the countries with new tariffs. However, Biden wouldn't want to be seen as a pushover on trade talks, making the immediate impact unclear. "Our strong preference is for a negotiated settlement", said Commission executive vice-president for Economy, Valdis Dombrovskis, who is also responsible for Trade.

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