The Trump administration plans to impose tariffs on $7.5 billion worth of European imports, from Gouda cheese to single-malt whiskey to large aircraft, beginning October 18.
Donald Trump’s administration is moving to impose 25 percent tariffs on a wide range of imports from the EU this month. This will including cheese, olives, business suits, and sweaters, after prevailing in a WTO case over illegal aircraft subsidies.
The administration received a green light for its latest import taxes Wednesday from the World Trade Organization. They ruled that the United States could impose the tariffs as retaliation for illegal aid that the 28-country EU gave to Airbus in its competition with its American rival Boeing.
EU aircraft will face a 10% import tax. Other products on the list will be hit with 25% tariffs. The administration insists that it has the authority to increase the tariffs whenever it wants. Also, to later add products to its list.
“It was a big win for the United States. The wins are now because they think I don’t like the WTO and they want to make sure I’m happy. The WTO has been much better to us since I’ve been president because they understand they can’t get away with what they’ve been getting away with for so many years, which is ripping off the United States,” Donald Trump said
The EU’s top trade official had said they would prefer to reach a settlement with the United States. They want to avoid a tariff war but that it will respond if Trump imposes new duties on EU products. EU Trade Commissioner Cecilia Malmstrom said a tariff war would only inflict damage on businesses.
“If the U.S. decides to impose WTO authorized countermeasures, it will be pushing the EU into a situation where we will have no other option than to do the same,” Cecilia Malmstrom said in a press conference
German Chancellor Angela Merkel recognized the loss.
“This means it’s not some sort of arbitrary question but a verdict according to international law that now weighs on Airbus, one must sadly say. We have to see how the Americans will react now.” She said.
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This post has been tagged with: Airbus | Airbus A350 | aircratf | airplanes | Europe | German Chancellor | law | Tariffs | Trump administration | USA | WTO
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