EU to Respond in Kind to US Tariffs
The EU will apply its own tariffs to U.S. products, Commissioner for Trade Cecilia Malmstrom said in a news release. "“We regret the choice of the U.S. to move ahead with tariffs," she said. "This step leaves us no alternative but to follow through in due course with our own tariffs in the Boeing case, where the U.S. has been found in breach of WTO rules."
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The EU released a list of possible U.S. products to be tariffed in April (see 1904170040). "The EU and U.S. have both been found in breach of WTO rules. As the world's largest aircraft manufacturers, the EU and the U.S. have a joint responsibility to sit down and negotiate a settlement that is balanced and compliant with the WTO," the European Commission said. "The EU has, this July, shared concrete proposals with the U.S. on clearly identified existing aircraft subsidies and on future support to our respective aircraft sectors. This offer remains on the table."
Tariffs don't help anyone in the long term and will "inflict very significant damage to the highly integrated supply chain of the aircraft sectors in the U.S. and the EU," the EC said. The new tariffs "will result in collateral damage to many other sectors already suffering under the current trade tensions."