Monday, October 26, 2020

US adds more products from EU to tariff list

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

The United States has added more products from the European Union (EU) to a tariff list that can be charged on a trans-Atlantic subsidy dispute between Boeing Co and Airbus SE.

The company’s stock futures fell after the announcement was made.

The US Trade Representative Office (USTR) publishes a tariff list of US $ 4 billion worth of EU products that are taxed by the US in response to European aircraft subsidies. Bloomberg reported

The products range from cherries to meat, cheese, olives and pastas, as well as some types of alcoholic beverages as well as iron tubes and pipes.

According to the statement, it is in addition to US $ 21 billion worth of EU products published by USTR last April.

The latest target was identified following a two-day trial in Washington in May when 40 stakeholders filed a claim for the response.

USTR said the public hearing on the proposed additional US $ 4 billion product will be held on August 5th.

USTR estimates that EU subsidies on Airbus have triggered economic threats to the US by US $ 11 billion a year.

The World Trade Organization (WTO) found that EU subsidies have violated international trade laws and it is expected to decide the amount of US response to wear this summer.

“The final list will take into account the WTO Arbitrator report on the appropriate level of response to WTO’s enforcement,” USTR said.

Meanwhile, senior EU officials are expecting the US to begin a response shortly after the WTO approves it and the implementation of the proposed tax may threaten the relationship between the US and the EU which are currently negotiating on the trade agreement.

The EU also has a WTO case that is still running with Boeing.

In April, the EU published an initial list of US products targeted at a US $ 12 billion plan for a tax on subsidies for Boeing with a focus on farm products from areas that helped form the basis of President Donald Trump’s political support.

Among other items include tomato sauce, beans, video game consoles and bicycle pedals.

Read also: Game companies warn Trump management of Chinese tariff impact on the industry

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

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