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US floats tariffs on $11bn of EU products-The 20th China (Guangzhou)Int’l Fastener & Equipment Exhibition
4/20/2019 紧固件展-紧固件采购会-国际紧固件展-fastener expo |
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The US is floating the idea of slapping tariffs on $11bn (￡8.4bn) worth of products from the European Union.
The
move, which would escalate trade tensions between the US and EU, is a
retaliation to European aircraft subsidies after the World Trade
Organisation (WTO) said that the subsidies have an adverse impact on the
US.
Late on April 8, the US Trade Representative (USTR)
delivered a proposed list of goods that could be hit by the tariffs. The
list include everything from cheese to salmon fillets, and wine to
helicopters. The USTR said that the value of the products that are
proposed to be hit by tariffs is subject to an arbitration at the WTO.
It will take several months to come to a conclusion.
“This case
has been in litigation for 14 years, and the time has come for action.
The Administration is preparing to respond immediately when the WTO
issues its finding on the value of US countermeasures,” said US trade
representative Robert Lighthizer in a statement.
“Our ultimate
goal is to reach an agreement with the EU to end all WTO-inconsistent
subsidies to large civil aircraft. When the EU ends these harmful
subsidies, the additional US duties imposed in response can be lifted.”
President Donald Trump’s administration has been embroiled many trade wars across the globe.
The
proposed US tariffs would be imposed in addition to existing levies on
European products. The world’s most influential executives told Yahoo
Finance UK that this is the single biggest threat to the global economy
in 2019.
It began in 2018 when the US started slapping tariffs on
the imports of steel and aluminium from a number of countries,
including the EU. The 28-nation bloc responded by imposing levies on
�2.8bn worth of US goods in June later that year. In March this year,
Trump threatened more tariffs on the bloc’s goods, including that on
cars imported from the EU
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-The 20th China (Guangzhou)Int’l Fastener & Equipment Exhibition
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