The United States and European Union are threatening each other with import tariffs after the latest development in a 15-year feud over airplane manufacturer subsidies. The latest update: the EU threatened to impose tariffs on $20 billion worth of U.S. imports yesterday, following a recent World Trade Organization ruling that the U.S. government had failed to end illegal support of Boeing. Philip Blenkinsop reports for Reuters.
The 11-page list includes various seafood, cheeses, fruits and vegetables, chocolates, vegetable oils, nuts, wines and other spirits, soups, and non-food items such as handbags, motor vehicle components, and equipment for construction and farming.
"In a mirror-like situation, Washington has previously said it is considering tariffs on approximately $11 billion worth of EU goods, which it said was in line with economic damage the U.S. had sustained by European subsidies to aeroplane and defense firm Airbus," Blenkinsop reports. "Both sides have agreed to open talks designed to reduce trade barriers."
The tension comes just as trade talks between the EU and US are about to begin. The upcoming talks will focus on "two sets of negotiations — one to cut tariffs on industrial goods and another to make it easier for businesses to show that products meet EU or U.S. standards," Sam Meredith reports for CNBC. "The European bloc has insisted it does not want agriculture to be included, putting it at loggerheads with the U.S., which wants farm products to be part of future discussions."
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