US Hits EU With $7.5 Billion TariffsMatt Atlas
Ten percent retaliatory US tariffs on European aircraft and 25 percent European agricultural and industrial goods should enter into force today. The measure, in response to the illegal subsidization of the European aircraft manufacturer Airbus, has been approved by the United States. It will include products imported into the US with a total annual value of $ 7.5 billion.
The focus of the tariffs is primarily on goods from countries where Airbus aircraft are manufactured, ie, Britain, France, Germany, and Spain. Some of the commodities targeted are trademark products such as Scotch and Irish whiskey, French wines, or Spanish cheeses, which may only be marketed under those names in Europe if they originate in a region and produced traditionally. American milk producers are fighting to abolish this practice.
The tariffs mainly affect luxury products that wealthy American customers can afford at higher prices.
European politicians have been trying to prevent the introduction of tariffs until the last moment. French finance minister Bruno Le Maire threatened the United States on Thursday.