'The European Union is weighing up hitting a range of US goods with up to $21.5 billion (€19 billion) worth of tariffs as retaliation for subsidies given to aircraft manufacturer Boeing, according to reports.
The move would be the latest in a series of escalations in a long-running dispute which has seen Brussels and Washington accuse each other of gifting illegal subsidies to their flagship plane manufacturers.
The European Commission is set to send each member state a list of US products that could be affected by fresh duties. Brussels-headquartered news organization EURACTIV is reporting that the total value of these exports to the European market is around €19 billion.
“If they inflate their list, we will do the same,” one European diplomat reportedly said of the mooted tariffs.'
That figure is significantly higher than the European Commission’s initial estimate of the damage caused by the Boeing subsidies. In 2012, it assessed that the potential amount would be approximately €12 billion. New York based Bloomberg reported on Friday that the tariffs will be worth $11.5 billion (€10.2 billion).
The list of goods is expected to be published for public consultation on Wednesday.
Earlier this week, US President Donald Trump threatened to hit $11 billion (€9.7 billion) worth of EU goods with tariffs after the World Trade Organization (WTO) found that EU subsidies to Airbus cause “adverse effects” to the US.
READ MORE: US will ‘put tariffs on $11 billion of EU products’ – Trump
Source - RT
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