The decision – confirming a figure reported by Reuters last week – allows Washington to target EU goods also worth $7.5 billion, but bars tariffs on financial services. The global trade body is due to decide early next year on the level of annual tariffs the EU can impose on US imports. ‘Lose-Lose’ trade warIn the largest case ever handled by the WTO, Washington had requested permission to impose tariffs on up to $11 billion of EU goods. Brussels is pushing for tariffs of around $10 billion on American goods in the parallel process over Boeing subsidies. Washington is unlikely to skip the opportunity to implement tariffs in the case over aircraft subsidies, according to current and former US officials.

Source: The Express Tribune October 02, 2019 16:07 UTC