A PYMNTS Company

EU Will Impose Up To $4B In New Tariffs On US

By  |  November 9, 2020

The European Union is hitting US companies with tariffs on up to US$4 billion worth of goods, according to a CNBC report on Monday, November 9.

The European Union won the right to impose the tariffs on US goods in retaliation against subsidies for planemaker Boeing, thus deepening a record trade spat that has already prompted Washington to slap duties on EU imports.

The tariffs, effective as of Tuesday, November 10, will impose a 15% tariff on imports of all Boeing models and a 25% tariff on some agricultural and industrial products. The tariffs are the result of a long-standing dispute over aircraft subsidies.

The move follows the US decision to impose fees following a World Trade Organization (WTO) decree last year authorizing tariffs on US$7.5 billion of imported European products, including Airbus SE jets.

The WTO also ruled last month that when the US gave subsidies to Boeing, it was not in compliance with international rules, which caused the EU to move forward with US$4 billion in levies.

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.