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The EU hit the US with $4 billion in tariffs in Boeing, Airbus dispute - Business Insider

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The European Union hit the US with $4 billion in tariffs after a long-running dispute over the world's 2 biggest planemakers

EU could impose the tariffs on the US for subsidies it granted to the Chicago-based aircraft manufacturer Boeing.

The move is largely reciprocal. The WTO in October 2019 allowed the US to impose $7.5 billion in tariffs on EU goods and supplies as a consequence of the bloc's financial assistance to the Netherlands-based Airbus, Boeing's chief rival. "We have made clear at every stage that we want to settle this long-running issue," the executive vice president of the European Commission Valdis Dombrovskis told journalists at a press conference. "Regrettably, due to lack of progress with the US, we had no other choice but to impose these countermeasures," he said.

Despite the EU plan to move forward with these tariffs, it is hoping for a fresh start when President-elect Joe Biden takes office in January, CNN reported.

 

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