The World Trade Organization was poised on Wednesday to open the door to hefty U...
) received billions of dollars of illegal subsidies in the world’s largest corporate trade dispute, a legal marathon dating back to 2004. The cases are expected to lead to tit-for-tat tariffs, beginning with the U.
S. measures, deepening transatlantic trade tensions and posing new problems for businesses and markets already roiled by a trade war between Washington and Beijing. A three-person WTO arbitration tribunal is expected to announce that the United States suffered harm equivalent to roughly $7.5 billion a year from discounted European government loans for the Airbus A350 and A380 passenger jets, according to the people close to the case. Such a decision that would allow Washington to target EU goods worth the same amount. The focus of nervous global financial markets will then shift to Washington where the U.S. Trade Representative is expected to move quickly to narrow down a preliminary list of goods in line for tariffs, a U.S. source said. The agency’s provisional list of products that are eligible to be targeted with tariffs up to 100% covers goods with an annual trade value of $25 billion and ranges from Airbus jets themselves to helicopters, wine, handbags and cheese. Before any tariffs can be imposed, the WTO’s Dispute Settlement Body must formally adopt the arbiters’ report in a process expected to take between 10 days and 4 weeks. Its next scheduled meeting is on Oct. 28, but Washington could request a special meeting 10 days after the arbiters’ report is published, suggesting an earliest possible final nod on Oct. 12.On Tuesday, the head of Irish budget airlines group Ryanair urged the United States and EU to pull back from the brink of a tariff war and said neither side’s aviation industry would survive a long dispute.But Peter Harrell, a senior fellow at the Washington-based Center for a New American Security, saw no immediate peace deal. “My sense is that there will be a settlement only after both sides have imposed tariffs on each other,” he said.Importers led by U.S. airlines that buy Airbus jets have urged Washington to be selective when choosing industries to hit in order to avoid causing collateral damage to the U.S. economy. Signs that the record corporate trade dispute involving Airbus and Boeing - the largest case ever handled by the WTO - is reaching a climax after years of arcane headlines and thousands of pages of rulings have weighed on European shares. On Wednesday, European stocks were already sharply lower ahead of the WTO decision after hitting their lowest in four weeks amid fears about the deteriorating global economy. Sectors most sensitive to global trade and exports from luxury goods to mining companies .SXPP bore the brunt of the sell-off, with Gucci-owner Kering (
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