The EU has hit back at new U.S. proposals to target European goods with tariffs, following a WTO ruling over subsidies for Airbus.
The EU has hit back at new U.S. proposals to target European goods with tariffs, following a World Trade Organization ruling over subsidies for Airbus.
Shares of Airbus were trading 2.3% lower Tuesday after the tariffs were proposed. A spokesman for the company said there is no legal basis for the U.S. move to impose sanctions, and said the EU had complied with WTO rulings. A source at the European Commission, who preferred to remain anonymous, criticized the proposals.
It said it estimates"the harm from the EU subsidies as $11 billion in trade each year," although the amount is subject to an arbitration at the WTO, the result of which is expected to be issued this summer. The EU is still waiting to hear from the WTO about what"retaliation rights" it has after the organization found in 2012 that Boeing too had received billions of dollars in illegal subsidies that had been to the detriment of Airbus. The WTO also ruled in March that the U.S. had failed to comply fully with its earlier ruling to remove all illegal subsidies that Boeing had received.
"I have to say the country which is the home to Boeing accusing Europe of state subsidies for Airbus — this is quite bold," he told CNBC's"Squawk Box Europe" Tuesday. The U.S. is currently negotiating with China over a trade deal after almost a year of escalating retaliatory tariffs on each other's imports. Europe could be next in line for some rough treatment.
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