President #DonaldTrump reportedly wants the #US to withdraw from the #WTO (World Trade Organization)
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Europe slams 'exaggerated' US tariff threat and prepares to retaliate
The #EU has hit back at new #US proposals to target #Europe'an goods with tariffs, following a #WTO ruling over subsidies for #Airbus. Trade tensions between the EU and US flared Monday after the US said it's considering $11 billion worth of retaliatory tariffs on a range of goods in response to illegal subsidies the EU granted to the aerospace firm.
The WTO ruled last year that these allowances had caused "adverse effects" to the US, with the decision coming after a long-running litigation battle between the Washington and Brussels over their respective aviation giants. Shares of Airbus were trading 2.3% lower Tuesday after the tariffs were proposed. A spokesman for the company said there is no legal basis for the U.S. move to impose sanctions, and said the EU had complied with WTO rulings. The European Commission criticized the proposals.
The #EU has hit back at new #US proposals to target #Europe'an goods with tariffs, following a #WTO ruling over subsidies for #Airbus. Trade tensions between the EU and US flared Monday after the US said it's considering $11 billion worth of retaliatory tariffs on a range of goods in response to illegal subsidies the EU granted to the aerospace firm.
The WTO ruled last year that these allowances had caused "adverse effects" to the US, with the decision coming after a long-running litigation battle between the Washington and Brussels over their respective aviation giants. Shares of Airbus were trading 2.3% lower Tuesday after the tariffs were proposed. A spokesman for the company said there is no legal basis for the U.S. move to impose sanctions, and said the EU had complied with WTO rulings. The European Commission criticized the proposals.