The EU may impose new duties on US exports of 10.2 billion euros

EU accuses Washington of subsidizing Boeing

The EU may impose new duties on US exports of 10.2 billion euros

Photo: REUTERS / Yves Herman

The European Union is studying the possibility of introducing new duties on US exports of 10.2 billion euros in response to US actions, reports Bloomberg.

Earlier this month, US President Donald Trump confirmed his intention to impose duties on European goods worth $ 11.2 billion to punish the EU for subsidizing the Airbus aviation concern.

The EU, in turn, accuses Washington of subsidizing Boeing, and this dispute within the World Trade Organization has been going on for 14 years.

The European Commission on Friday presented a plan of action in response to threats by the United States for consideration by trade experts from EU states, the agency source said.

Last May, the WTO concluded that the Airbus airline had illegally received funds to create models of the A380 and A350 aircraft, which cost a certain amount of sales to its American competitor.

The final conclusion of the WTO on this issue should be published in the summer of 2019, and the US authorities said they would not introduce new duties on European goods before this point.

Escalating a trade dispute between the US and the EU increases the risks to the global economy, showing signs of weakening in the context of the Washington-Beijing trade war.

Last year, the EU imposed 25% duties on US exports worth a total of 2.8 billion euros per year in response to the United States raising tariffs on European steel and aluminum.

In addition, the EU threatened Washington with new duties on goods in the amount of about 20 billion euros in response to the threat of the United States to impose duties on European cars and automotive components.

As reported, the EU countries have agreed to formal trade negotiations with the United States. According to the source, the EU countries gave initial consent.

Recall, the US Department of Commerce on May 31, 2018 announced the introduction of duties on imports of steel and aluminum from Canada, Mexico and the EU. The duty rate was 25% for steel and 10% for aluminum. Already on June 1 of the same year, these rates began to operate. Not only steel products, but also agricultural products worth 2.8 billion euros a year fell under the EU’s response.

Later, the Minister of Economy and Finance of France Bruno le Mayor said that the US and European trade war began. According to him, such a conflict creates a threat to global economic growth.

In April 2019, it was reported that the Office of the US Representative on Trade Negotiations, Robert Lighthizer, prepared a list of European goods, the duties for which would be the “response measure for the European Union to subsidize its aircraft industry.”
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