The US will reportedly slap $7.5 billion worth of tariffs on European imports (MSN)

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    The US will reportedly slap $7.5 billion worth of tariffs on European imports – By Gina Heeb (Business Insider) / Oct 3 2019

    • The US is expected to dramatically escalate trade tensions with Europe this month after a decision from the World Trade Organization on Wednesday.
    • The US plans to levy a 10% tariff on aircraft from the bloc and a 25% tariff on other goods, including agricultural and industrial items, according to Bloomberg.
    • Earlier on Wednesday, the WTO reached a historic ruling that authorized the US to impose punitive tariffs on $7.5 billion worth of European products.
    • The new European tariffs will be in the full amount of the $7.5 billion authorized by the WTO, according to The Wall Street Journal.

    The US is expected to dramatically escalate trade tensions with Europe this month after a decision from the World Trade Organization on Wednesday.

    The US plans to levy a 10% tariff on aircraft from the bloc and a 25% tariff on other goods, including agricultural and industrial items, according to Bloomberg, which cited a senior US trade official. The finalized US Trade Representative list of affected products is expected to be published within a day.

    Earlier on Wednesday, the WTO reached a historic ruling that authorized the US to impose punitive tariffs on $7.5 billion worth of European products. The decision, which was the largest-ever arbitration award granted by the organization, came after the EU was found to have illicitly aided Airbus.

    The new European tariffs will be in the full amount of the $7.5 billion authorized by the WTO, according to The Wall Street Journal.

    The two sides have been locked in a dispute over aircraft subsidies for more than a decade and a half, with the European Union accusing US-based Boeing of similar violations. The bloc is expected to retaliate after a companion WTO case that is scheduled to take place early next year.

    Win McNamee/Getty Images

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