Published: Sat, October 19, 2019
Global News | By Blake Casey

EU will hit US in time with tariffs over Boeing: Malmstrom

EU will hit US in time with tariffs over Boeing: Malmstrom

Washington's tariffs on Dollars 7.5 billion in European exports took effect at 0401 GMT on Friday.

These tariffs took effect at 0001 in Washington and were imposed despite the request from the European officials to reprieve it last minute along with the warning of retaliation from the Economy Minister of France, Bruno Le Maire.

France, Spain, Germany and the United Kingdom, all members of the consortium in charge of the construction of Airbus airplanes, will be hit the hardest.

"These decisions would have very negative consequences both from an economic and a political point of view", Le Maire said Thursday at the International Monetary Fund annual meetings.

Le Maire warned the USA against starting another front in its trade conflicts, with Washington already involved in a costly tariff battle with China.

Mr Le Maire was due to meet US Trade Representative Robert Lighthizer late yesterday.

The 25% tariff on the import of Scottish single-malt whisky to the United States, which came into force last night, will lose the industry 20% of its USA exports in the first year, the Scotch Whisky Association has estimated.

"We regret the choice of the move ahead with tariffs".

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The United States administration announced the tariffs earlier this month.

The Airbus-Boeing row is just one of several issues stoking transatlantic tensions that quickly descended into acrimony when Mr Trump took office in 2017.

Trade groups in Europe such as winemakers, German tool manufacturers and whisky producers in Scotland have kept a clamour of protest, demanding Washington reverse tack.

President Trump assured the American win in the trade war.

In its ruling, which dealt a crushing blow to already-fragile US-EU trade relations, the WTO said that Washington could impose trade sanctions worth $7.5 billion annually on the bloc.

The trade deficit between the USA and the European Union hit $109 billion a year ago.

The two cases were then tangled up in a legal quagmire, with each side being given partial vindication after a long series of appeals and counter appeals.

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