Wednesday, December 7, 2022
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US introduces higher taxes on imports of European products

The United States has started imposing new import taxes on the import of European products, with a value of 7.5 billion dollars. The purchase in the US of European aircraft is taxed at a rate of 10 percent and other products with a tax of 25 percent. 

At the beginning of this month, following years of proceedings, the World Trade Organization WTO determined that Europe had provided illegal subsidies for the development of the European passenger plane Airbus. That is why Washington can now take countermeasures.

The European Union has called on Washington not to impose fines because a similar case is still pending at the WTO, but of EU against the US, because of American financial support for the American aircraft factory Boeing. A ruling on this is expected in the first half of 2020.

The EU also threatens with charges worth several billion euros, on aircraft components but also on tomato ketchup and game consoles. If there are new US import duties, the European Union has no other option but to take the same measure, said European Trade Commissioner Cecilia Malmström. She also said that she still hopes to reach a balanced settlement with the US.

In fact, US President Trump wanted to impose import duties on EU products for a much larger amount. According to him, that would solve many other trade problems between the United States and the European Union in one fell swoop, but such a measure would be too harsh at the moment. According to Trump, the US is not at the moment ready to introduce even more taxes. 

Earlier this month, the US received the green light to levy tariffs on goods from the European Union. The measure affects, among others, the French and Spanish wine industry and the Scottish whiskey industry. Italian wineries are released with fright, but Italian cheese makers are hit. 

At the start of this week, the World Trade Organization (WTO) officially gave the green light for the introduction of the rates. The measure affects, among others, the French and Spanish wine industry and the Scottish whiskey industry. Italian wineries are released with the fright, but cheese makers are the pinch. 

According to critics, Trump is trying to spread divisions within Europe. France and Spain have requested financial assistance from the European Commission. The Scotch Whiskey Association shipped Scotch to the US for around £ 1 billion last year. But with an import tariff of 25%, the whiskey trade is under great pressure.

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