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EU to slap €19bn worth of fresh tariffs on US goods as aircraft subsidies row escalates – reports

EU to slap €19bn worth of fresh tariffs on US goods as aircraft subsidies row escalates – reports
The European Union is weighing up hitting a range of US goods with up to $21.5 billion (€19 billion) worth of tariffs as retaliation for subsidies given to aircraft manufacturer Boeing, according to reports.

The move would be the latest in a series of escalations in a long-running dispute which has seen Brussels and Washington accuse each other of gifting illegal subsidies to their flagship plane manufacturers.

The European Commission is set to send each member state a list of US products that could be affected by fresh duties. Brussels-headquartered news organization EURACTIV is reporting that the total value of these exports to the European market is around €19 billion.

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That figure is significantly higher than the European Commission’s initial estimate of the damage caused by the Boeing subsidies. In 2012, it assessed that the potential amount would be approximately €12 billion. New York based Bloomberg reported on Friday that the tariffs will be worth $11.5 billion (€10.2 billion).

The list of goods is expected to be published for public consultation on Wednesday.

Earlier this week, US President Donald Trump threatened to hit $11 billion (€9.7 billion) worth of EU goods with tariffs after the World Trade Organization (WTO) found that EU subsidies to Airbus cause “adverse effects” to the US.

READ MORE: US will ‘put tariffs on $11 billion of EU products’ – Trump

“If they inflate their list, we will do the same,” one European diplomat reportedly said of the mooted tariffs.

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