City
Epaper

US tariffs on $7.5 billion worth EU goods take effect

By IANS | Updated: October 18, 2019 12:00 IST

The US tariffs on products from the European Union (EU) worth $7.5 billion took effect on Friday midnight.

Open in App

The US Trade Representative's office confirmed that the new duties entered into force at 12.01 a.m., reports Efe news.

The tariffs were imposed in response to a ruling on october 2 by the World Trade Organization (WTO) that backed the US in a long-standing dispute over subsidies to European aerospace company Airbus, which Washington claimed were illegal.

In its ruling, which dealt a crushing blow to already-fragile US-EU trade relations, the WTO said that Washington could impose trade sanctions worth $7.5 billion annually on the bloc.

The EU, which is waiting for the WTO to rule on a similar case on US subsidies to American aerospace company Boeing, has warned that it could slap similar tariffs.

The four most affected countries - as a bulk of the tariffs will be applied to their goods - are France, Germany, Spain and the UK as, according to the WTO ruling, they offered loans to Airbus at a lower interest rate than the market, which allowed the company to develop some of its most recent and advanced models.

Among the EU products subjected to an additional 25 per cent ad valorem tariff are fresh cheese, olives and olive oil from Spain; wine and cheese from France; coffee, cookies and waffles from Germany; whiskey and sweets from the UK; and also Italian cheese.

US President Donald Trump boasted on Wednesday that Washington could not lose a tariff war, as had been supposedly proven in the ongoing trade dispute with China, despite no evidence to that claim.

"We're winning; in the case of the EU, $7.5 billion. And Italy has a percentage of that to pay," Trump said during a joint press conference with his Italian counterpart, Sergio Mattarella, at the White House.

( With inputs from IANS )

Tags: usWTOeuDonald Trumpwashington
Open in App

Related Stories

InternationalDonald Trump To Host Cristiano Ronaldo at White House on November 18

NationalFlorida Plane Crash: 2 Killed After Small Aircraft Crashes in Coral Springs Lake (Watch Video)

InternationalFung Wong Live Tracker Map: Tropical Storm Triggers Flash Floods Across Guam; Check Real-Time Status Here

InternationalNew York: 7 Firefighters Injured in Car Blast in The Bronx (Watch Video)

InternationalLouisville Plane Crash: 7 Killed, 11 Injured After UPS Cargo Flight Crashes Near Airport in Kentucky; Videos Surface

International Realted Stories

International"I have actually stopped eight wars": Trump repeats claims he stopped war between India and Pakistan

InternationalUS House passes bill to release Epstein files, will now move to Senate

InternationalHigh-level delegation led by Andhra Governor to visit Saudi following tragic accident

InternationalJaishankar calls on President Putin; conveys greetings of PM Modi ahead of India-Russia Summit

InternationalRussian Helicopters unveils upgraded Ka-32A11M firefighting helicopter at Dubai Airshow 2025