President Trump Announces $11 BILLION In Tariffs On EU Products
Administration reacts to European Union subsidies to Airbus
President Donald Trump declared that he would be placing tariffs on $11 billion of European Union products in response to the EU's subsidies to Airbus.
"The World Trade Organization finds that the European Union subsidies to Airbus have adversely impacted the United States, which will now put Tariffs on $11 Billion of EU products!" he said.
"The EU has taken advantage of the U.S. on trade for many years," he added.
"It will soon stop!"
The Trump administration released a list of about $11 billion worth of soon to be affected EU imports by the tariffs in a response to the EU's subsidies to aircraft manufacturer Airbus considered unfair by the WTO.
Robert Lighthizer, the U.S. trade representative, published the list while calling for an end to EU subsidies that he claims to harm U.S. interests.
“Our ultimate goal is to reach an agreement with the EU to end all WTO-inconsistent subsidies to large civil aircraft."
"When the EU ends these harmful subsidies, the additional U.S. duties imposed in response can be lifted,” Lighthizer said in a statement.
Airbus representatives branded Trump's terrific as "totally unjustified," according to a statement reported in The Wall Street Journal.
The World Trade Organization finds that the European Union subsidies to Airbus has adversely impacted the United States, which will now put Tariffs on $11 Billion of EU products! The EU has taken advantage of the U.S. on trade for many years. It will soon stop!— Donald J. Trump (@realDonaldTrump) April 9, 2019
It then added that the company had made changes to comply with WTO regulators.
“[T]his would lead to unnecessary trade tensions, and that shows the only reasonable solution is a negotiated settlement," Airbus representatives told the newspaper.
But Airbus competitor Boeing hailed the move while calling for the EU to comply with the WTO's ruling.
“Boeing supports the U.S. Trade Representative and his team in their ongoing efforts to level the playing field in the global aircraft marketplace,” the company said.
“Hopefully, the draft tariff list will compel the EU to comply with past WTO rulings against it.”
Last year, China agreed to reduce tariffs on US cars from 40 percent to 15 percent.F
Following the agreement, US car firms jumped up in reaction to the news.
Shares in General Motors went up to 2.8 percent, while Tesla was up 0.7 percent and Ford 0.65 percent.