September 24, 2020, 8:25

US Should Cancel Tariffs as EU Meets WTO Rules on Airbus, Madrid Says

US Should Cancel Tariffs as EU Meets WTO Rules on Airbus, Madrid Says

Washington imposed levies in retaliatory trade measures for Airbus subsidies, claiming that the EU is violating World Trade Organisation (WTO) rules by oversubsidising its aircraft manufacturer. European nations, in response, stated that the American authorities oversubsidise the Boeing corporation.

Spanish Trade Minister Reyes Maroto has said that the US should waive tariffs imposed on the EU, as Brussels is acting in compliance with WTO rules.

Earlier in the day, British Trade Secretary Elizabeth Truss also urged Washington to waive the duties, stressing that they are “damaging industry and livelihoods on both sides of the Atlantic”.

The response from the EU comes after the US on Wednesday announced that it will retain 15-percent tariffs on Airbus aircraft and 25-percent tariffs on other European goods.

The row concerning the aircraft manufacturers began in 2004 when the US complained the UK, Germany, France, and Spain were giving immense subsidies to Airbus. As a result, in 2019 the WTO gave the US permission to apply $7.5 billion in tariffs on products by those countries. The tariffs were imposed on industrial and agricultural products from Europe, including cheese, vines, whiskey, etc.

Source: sputniknews.com

Related posts