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Bloomberg

The US has released a final list of billions of dollars of European products it will hit with new tariffs after the World Trade Organisation’s landmark ruling on illegal subsidies to Airbus.
Washington plans to impose a 10 per cent tariff on large civil aircraft from France, Germany, Spain and Britain.
It will also slap 25 per cent levies on a range of other items including Irish and Scotch whiskies; wine, olives, cheese; as well as certain pork products, butter and yogurt from various European nations, the US Trade Representative’s Office said on Wednesday.
The US removed leather goods from its original proposed list – among other items – sparing luxury labels such as Givenchy and Louis Vuitton.

Washington has requested the WTO meet on October 14 to formally authorise the tariffs. The duties would then take effect on October 18, the officials said.
The WTO on Wednesday gave US President Donald Trump the go-ahead to impose tariffs on as much as US$7.5 billion worth of European exports annually in retaliation for illegal government aid to Airbus.
The award is the largest in WTO history – nearly twice as large as the previous record of US$4.04 billion set in 2002.
The ruling on Wednesday is a milestone in the WTO’s longest-running dispute that will further test transatlantic relations, which have deteriorated under Trump’s “America First” approach to international ties. It’s also an example of Trump getting a favourable ruling from an organisation he has threatened to pull out of.
The real threat to global trade: the US war on the WTO
The US is already in a trade war with China, and any wider flare-up of tit-for-tat tariffs with Europe could threaten a fragile global economy. The WTO on Tuesday cut its trade growth forecast for this year to the weakest level in a decade, warning against a “destructive cycle of recrimination”.
The new tariffs can take effect after the WTO adopts the report, which is expected to happen at a meeting in Geneva this month.
The Trump administration is considering a particularly damaging trade weapon known as “carousel” retaliation, which would enable the US to regularly shift around the targeted goods, people familiar with the deliberations said last month. That would increase trade uncertainty and pain for European businesses.

The EU will retaliate against any Airbus-linked tariffs when the WTO rules early next year on the bloc’s dispute over US subsidies to Boeing, according to European Trade Commissioner Cecilia Malmstrom.
“The mutual imposition of countermeasures, however, would only inflict damage on businesses and citizens on both sides of the Atlantic, and harm global trade and the broader aviation industry at a sensitive time,” Malmstrom said, adding that the bloc is ready to work with the US on a “fair and balanced solution for our respective aircraft industries”.
Airbus, Boeing and Comac see blue skies for China’s aircraft market
Airbus warned in a statement that tariffs on its aircraft and components would come as a blow to the US aerospace industry, with some 40 per cent of its procurement coming from American suppliers.
The company also urged the Trump administration to take account of the forthcoming WTO decision on Boeing, saying those reciprocal tariffs could exceed the value of the US sanctions. CEO Guillaume Faury repeated calls for a negotiated settlement to the dispute.

The WTO has repeatedly ruled that Toulouse, France-based Airbus unfairly benefited from launch aid loans and other trade-distorting subsidies for two Airbus models, the A380 and A350WXB.
The Trump administration wants to see an end to the EU subsidies in question, which Boeing and the US claim give Airbus an unfair advantage in the highly competitive international passenger aircraft market.
French Finance Minister Bruno Le Maire said the best solution would be one that lowers tensions, but warned that EU would respond “firmly” if the US imposes tariffs.
“If the US chooses to impose sanctions, it would be an economic and political error,” he said.


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US to hit Europe with tariffs on up to US$7.5 billion in goods after landmark World Trade Organisation ruling

US and European Union flags at the European Commission headquarters in Brussels in February 2017. Photo: Reuters

FILE PHOTO: U.S. President Donald Trump speaks during a ceremonial swearing-in for Labor Secretary Eugene Scalia at the White House in Washington, U.S., September 30, 2019. REUTERS/Leah Millis/File Photo

German Chancellor Angela Merkel (R) and World Trade Organisation (WTO) director-general Roberto Azevedo address a press conference after talks at the Chancellery in Berlin on October 1, 2019. (Photo by John MACDOUGALL / AFP)

European Commissioner for Trade Cecilia Malmstrom speaks during a media conference after an informal lunch of EU trade ministers at the Europa building in Brussels, Tuesday, Oct. 1, 2019. The World Trade Organization ruled in May that Europe illegally subsidized Airbus, hurting U.S. competitor Boeing. The WTO is set shortly to allow President Donald Trump to slap tariffs worth billions of euros on European products, including wine, cheese and olives, in response. (AP Photo/Virginia Mayo)

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epa07268556 US Undersecretary for Trade and Foreign Agricultural Affairs Ted McKinney (R) walks with others delegates as they leave the Westin Hotel in Beijing, China, 08 January 2019. The US delegation arrived in Beijing for the start of two-day trade talks between China and US. EPA-EFE/WU HONG

Secretary of Agriculture Sonny Perdue, left, and President Donald Trump at a signing ceremony for the farm bill -- H.R. 2, the "Agriculture Improvement Act of 2018" -- in the Eisenhower Executive Office Building on Dec. 20, 2018 in Washington, D.C. MUST CREDIT: Washington Post photo by Jabin Botsford

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epa07837462 US Secretary of Treasury Steven Mnuchin speaks to the news media outside the West Wing of the White House in Washington, DC, USA, 12 September 2019. Mnuchin discussed trade issues with China and other economic issues. EPA-EFE/ERIK S. LESSER

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Plans include 10 per cent duties on large civil aircraft and 25 per cent levies on items such as wine, cheese, olives and Irish and Scotch whiskies
Trump given go-ahead by WTO to impose sanctions in retaliation for illegal government aid to Airbus



Plans include 10 per cent duties on large civil aircraft and 25 per cent levies on items such as wine, cheese, olives and Irish and Scotch whiskies.


US to hit Europe with tariffs on up to US$7.5 billion in goods after landmark World Trade Organisation ruling

Plans include 10 per cent duties on large civil aircraft and 25 per cent levies on items such as wine, cheese, olives and Irish and Scotch whiskies Trump given go-ahead by WTO to impose sanctions in retaliation for illegal government aid to Airbus

Plans include 10 per cent duties on large civil aircraft and 25 per cent levies on items such as wine, cheese, olives and Irish and Scotch whiskies

Trump given go-ahead by WTO to impose sanctions in retaliation for illegal government aid to Airbus