USTR’s tariff list on the European Union goods and comments

An Airbus A350. Regis Duvignau Reuters  file

The US spared cognac and champagne from the list but announced tariffs of 25% on goods including French wine, Italian and Dutch cheese and Spanish ham.

"The US has the authority to increase the tariffs at any time, or change the products affected".

President Donald Trump called the WTO ruling a "big win for the United States" and asserted that it happened because WTO officials "want to make sure I'm happy".

The World Trade Organization (WTO) plays a vital role in enforcing the global trade rules and resolving disputes between nations.

Stock markets around the world, which were already down on concerns for the world economy, added to their losses on the news. The EU is expected to respond with taxes of its own on us products, after the global trade body found USA aircraft maker Boeing Co also received illegal subsidies.

Unlike the Trump administration's unilaterally imposed tariffs on Chinese goods, its tariffs on the European Union have so far adhered to a neutral arbitration process governed by the rule of law, he noted.

Plans for 25% trade tariffs on Scotch whisky exported to the USA are "profoundly worrying" for the industry and "in no-one's interest", Scottish First Minister Nicola Sturgeon has said.

The European Union says it regrets the US decision to impose $7.5 billion worth of tariffs on EU products over the blocs support for plane-maker Airbus and says the Trump administration is shooting itself in the foot with such a move.

The size and scope of the tariffs were reduced considerably from a $25 billion list floated by Washington earlier this year that included helicopters, major aircraft components, seafood, luxury goods and other big-ticket categories that were excluded from Wednesday's announcement.

Anxieties over tariffs have also inspired dramatic gestures in Europe, especially in the presence of USA officials. President Trump nevertheless declared the ruling a vindication for the U.S.

The US plans to impose a 10 percent tariff on large civil aircraft from France, Germany, Spain and the UK.

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In contrast, the United States has taken no steps to bring its support to Boeing into compliance with WTO law.

Chief executive Karen Betts said: "The tariff will undoubtedly damage the Scotch whisky sector". The ruling centered on Airbus' 350XWB _ a rival of Boeing's 787 _ and the double-decker A380, which tops the Boeing 747 as the world's largest commercial passenger plane.

The exchange echoes how the USA and China ratcheted up a tariffs fight in recent months that has bruised businesses around the world and stunted economic growth. The administration has previously said it would planning tariffs on cheese, olive oil, fruit juice, jelly, seafood, wine, and textiles.

"We should avoid imposing tariffs on one another".

Mobile city leaders and Alabama lawmakers had lobbied hard for exemptions from the tariffs, arguing they could jeopardise some 1,000 jobs.

The case against Airbus was brought by the U.S.in 2004, when American manufacturer and direct competitor Boeing alleged that the European Union had supplied Airbus with over $22 billion in government subsidized financing.

The case itself dates to 2004, a testament to the plodding and thorough rhythm of the Geneva-based trade body.

- EUR/USD takes tariffs, and the threat of more to come, on the china. A claim the manufacturer and European governments have been fighting against for years.

"We are still grappling with the impact of the Russian import ban on the European dairy market and coming to terms with the threat of Brexit and its potential devastating impact on our largest export destination, and we must now also contend with new barriers and costs to accessing one of our principle global markets", he observed. Washington is unlikely to skip the opportunity to implement tariffs in the case over aircraft subsidies, according to current and former USA officials.

Wines over 14% have a slight loophole therefore in the new tariffs but are already subject to a higher USA tax bracket. Boeing has also been accused of receiving illegal subsidies, but the WTO has yet to decide on that case-although an official ruling is expected within months.

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