EU girds for trade riposte after US ups ante on tariffs

After Washington withdrew its national subsidies for the air pilot Airbus from the World Trade Organization (WTO), European countries were sorted out on Thursday to prepare for a response to new US tariffs on billions of dollars of EU goods.

But officials also said they would still like to find a common ground to avoid escalating trade tensions that could hurt the world's economy.

French finance minister Bruno Le Meyer said, "We have been negotiating deals for months. Our hands have been extended."

Le Meyer told Parisian journalists: "I hope America will listen to this voice and hear it."

TRT World Paolo Monte Silo report.

President Donald Trump has already imposed tariffs on steel and aluminum imports, saying the United States has closed deals from its partners.

The WTO's Airbus ruling on Wednesday was the first time the WTO authorized the United States to enforce measures against EU products under international trade law.

"Good win!" Trump said on Twitter that the European Union has "treated the United States very seriously about trade because of tariffs, trade barriers, etc."

But the EU has also filed a WTO lawsuit claiming illegal assistance to Airbus' US rival Boeing and will make a decision in the coming months.

In the meantime, Block warned of retaliation of its kind.

Le Maire said, "If the US government does not accept the touch of France and the EU, we are ready to respond to sanctions approved within the WTO framework."

& # 39; US consumer hit & # 39;

10{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} more expensive when private aircraft from the UK, France, Germany and Spain (the country that formed the airbus) were imported into the United States from October 18.

According to U.S. data, we imported about $ 3.5 billion in aircraft in the EU in 2018.

But tariffs are targeted at consumer products such as French wine, which Trump has promised to target in recent months. Bottles in France, Spain and Germany will now face 25{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} tariffs.

Cheese produced in Europe is also 25{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} more expensive for American consumers, such as "Made in England" suits, cashmere sweaters and pajamas.

Italian farmers sighed with relief because Italian dishes such as tomatoes, olive oil and wine are not taxed.

The Coldiretti Agricultural Organization said Thursday that US tariffs will affect 500 million euros (almost $ 550 million) on Italian food exports of about 4 billion euros to the United States.

Meanwhile, the EU warned Thursday that tariffs would damage US wallets.

A spokesman for the committee, Daniel Rosario, said, "This action will affect US consumers and businesses first and further complicate the effort towards a negotiated agreement."

US Trade Representative Robert Wright Riser said Wednesday he will start talks with Brussels to try to resolve the dispute.

The EU and the United States have reached such settlements in the past.

But European officials already demanded a ceasefire for subsidies for plane makers in July.

Source: TRTWorld and Agencies