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US President Trump “Great Victory”, EU Revenge Customs Tour

2019-10-03T16:59:17.031Z

[London / Washington 3rd Reuters]-US President Trump reported on the 3rd that the World Trade Organization (WTO) has subsidized the airline <AIR.PA> by the European Union (EU).



[London / Washington 3rd Reuters]-US President Trump retaliates against the EU on the 3rd of the World Trade Organization (WTO) subsidy for the airline <AIR.PA> by the European Union (EU) Approving the policy of imposing tariffs was praised as a “great victory”.

WTO approved yesterday that the US will impose retaliatory duties on $ 7.5 billion worth of European products. Based on this decision, the United States will trigger retaliation duties on the 18th. The US-Europe trade friction is expected to intensify in the future, and will likely cast a shadow on the global economic outlook already under pressure from the US-China trade friction.

However, President Trump posted on the Twitter about the decision of the WTO that the EU has “fairly treated the United States for many years due to tariffs and barriers.

According to the US Trade Representative (USTR), retaliation duties are 10% for aircraft and 25% for other industrial products and agricultural products such as wine and cheese. Considering that Airbus is a consortium of four countries in France, UK, Germany and Spain, large airbus aircraft produced in these four countries are included, but Airbus's US Alabama plant and US Boeing <BA. Not applicable to EU aviation parts supplied to N>.

There are hundreds of items covered, and four major countries are France, UK, Germany and Spain. Spanish olives, British wool and whiskey, German coffee, French wine. Cheese is subject to additional tariffs in almost all EU member states, but European chocolate, Italian wine and olive oil are excluded.

Cognac, champagne, leather goods, etc. are also excluded.

In France, when the EU takes countermeasures, it is a fight. Lemer Economic and Finance Minister said, “If the US government refuses to support France or the EU, we are ready to respond by sanctions.”

The British Scotch Whiskey Association announced that employment and investment in the industry are at risk from retaliation duties. “Despite struggling for government subsidies for aircraft, our industry has been hit hard,” he criticized. The United States is the largest market for Scotch whiskey, with exports worth 1 billion pounds last year ($ 1.23 billion).

The Spanish Wine Producers Association also said that the price of Spanish wine sold in the United States will rise, "it will affect our competitiveness."

The German Federation of Mechanical Equipment Industries (VDMA) said it was a “table tennis game” over tariffs and expressed disappointment that the European Commission did not ease the conflict with the United States.

A spokesperson for the world's largest dairy manufacturer, the Lactaris Group in France, said, “We are committed to postponing the introduction of tariffs, with dairy products expected to suffer the most.”

However, the scale of retaliatory tariffs that the US government has shown this time has been greatly reduced from the equivalent of $ 25 billion originally considered by the US government. Initially, in addition to aircraft parts, helicopters, seafood and luxury goods were also subject to tariffs.

According to sources, the USTR has intentionally set the scale below the upper limit approved by the WTO in order to move the EU to the negotiating table.

Source: asahi

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