Thursday, 25 April, 2019

EU clears way for start of formal trade talks with U.S.

US vows to put tariffs on products including French wine and Roquefort cheese in row over Airbus Airbus says US sanctions on its aircraft would have no legal basis
Jeannette Daniel | 13 April, 2019, 15:59

Trump at June a year ago imposed tariffs of 25% on steel imports and 10 percent on aluminum from the EU. The result is expected this summer, the statement said.

Officials from the European Union have provisionally agreed to opening formal trade talks with the United States in a bid to cool an escalating spat between two of the world's largest economies.

A wide range of cheeses from Europe could be subjected to additional tariffs following the US's announcement of new punitive duties on agricultural products, among others.

Germany's exports of cars and parts to the United States constitute more than half the European Union totals.

Washington on Monday proposed a list of EU products, from large commercial jets to dairy products and wine, on which to impose tariffs as retaliation for European aircraft subsidies.

Both sides have won partial victories at the World Trade Organisation in claiming the other's planemaker received unlawful subsidies but disagree on the amount involved and whether each has complied with earlier WTO rulings. Even the USA and European Union have been negotiating since previous year about ways to avoid tariffs that President Donald Trump has desired to inflict to reduce a trade deficit with countries like Germany.

More news: Theresa May Delays Brexit Yet Again, This Time For 6 Months

"They just like to impose tariffs", Bown said.

The WTO pronounced a year ago that these remittances had engendered dire effects to the U.S. with resolution arriving after long-duration lawsuit fight between Washington and Brussels over their specific aviation giants.

While the magnitude of their tariffs is small compared with the hundreds of centuries that the US and China are taxing inside their trade warfare, it suggests a breakdown in talks with the European Union over transaction in a time once the economy is now slowing sharply. The EU reacted with tariffs about 2.8 billion euros' worth ($3.4 billion) of US agricultural, steel and other products, from Harley Davidson bicycles to orange juice.

The EU responded Tuesday to the U.S.'s most up-to-date call for new tariffs by noting that it was based on America's own quote, not anything it was given by the WTO.

"There are already more than sufficient tariffs", he explained. "On the basis of the WTO's conclusions, it seems to me that the voice of wisdom is to reach an amicable agreement between the United States and Europe on a final settlement of the Airbus-Boeing case", he said, adding that the case has been going on for far too long. "Rather than the USA making further threats, both sides must now keep a cool mind and aim for de-escalation". But the ruling was limited: The state tax subsidies came to only about $100 million.

At 0950 GMT, Airbus shares were down 1.6 percent.

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