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EU threatens escalation in tariff fight over Boeing and Airbus subsidies EU threatens escalation in tariff fight over Boeing and Airbus subsidies
(about 1 hour later)
The EU has threatened to escalate a 15-year row with the US over aircraft subsidies for Airbus and Boeing unless Washington agrees to a settlement. The EU says it will act "decisively" if the US goes ahead with a threat to put new tariffs on its goods.
The EU and US have accused each other of propping up their home aviation markets with tax breaks, research grants and other aid. It is latest twist in a long-running row with Washington over subsidies granted to the planemaker Airbus.
Europe's trade commissioner said Washington has rejected moves to settle the dispute. For more than a decade, the EU and US have accused each other of propping up their home aviation markets with tax breaks, research grants and other aid.
It comes as the US threatens tariffs on EU beer, gin and olives. Last month the US threatened duties on EU goods including beer, gin and olives, escalating the row.
The US last month said it was considering duties on 30 products worth $3.1bn (£2.5bn) in trade every year. On Monday, Europe's trade commissioner Phil Hogan said Washington had rejected moves to settle the dispute.
It has already put 15% to 25% tariffs on $7.5bn worth of other EU goods as part of the dispute. "I want to reassure people that we are ready to act decisively and strongly on the European Union side if we don't get the type of outcome that we expect from the United States in relationship to finalising this 15-year-old dispute," he told the European Parliament's trade committee.
The EU warned it would damage firms on both side of the Atlantic. The World Trade Organisation (WTO) has already ruled that subsidies given by the EU to Airbus in 2004 were illegal.
European Trade Commissioner Phil Hogan told the European Parliament's trade committee: "I want to reassure people that we are ready to act decisively and strongly on the European Union side if we don't get the type of outcome that we expect from the United States in relationship to finalising this 15-year-old dispute." However, it is also considering a parallel case involving illegal support for US aerospace firm Boeing, which could see the EU impose duties on Washington later this year.
The dispute - which dates back to 2004 - is being overseen by the World Trade Organisation. It ruled that the US could impose $7.5bn of duties on European goods. In line with the WTO ruling, the US has already imposed tariffs of 15-25% on $7.5bn worth of European goods.
A ruling is due in September on how much in duties the EU can levy on US products. But last month it said it was considering new taxes on additional EU trade worth $3.1bn (£2.5bn) annually - a move described as excessive by Brussels.
Mr Hogan also criticised recent national security investigations the US launched against EU goods, seen by the EU as a further retaliation. On Monday Mr Hogan also criticised recent national security investigations launched by the US against EU goods, which are also considered to be further retaliation.
The investigations, known as 232 investigations, cover products from transformers and mobile cranes to steel nails.The investigations, known as 232 investigations, cover products from transformers and mobile cranes to steel nails.
"It's not appreciated the number of 232 investigations that have been launched in recent weeks, perhaps this is political, perhaps it's more real," Mr Hogan said."It's not appreciated the number of 232 investigations that have been launched in recent weeks, perhaps this is political, perhaps it's more real," Mr Hogan said.
"This is totally unacceptable," he said. "If these investigations go further the European Union will have to stand together and act as well.""This is totally unacceptable," he said. "If these investigations go further the European Union will have to stand together and act as well."
The US is involved in other trade spats with the EU.
Before last year's tariffs over Airbus, the Trump administration had imposed duties on EU steel and aluminium - spurring Brussels to tax iconic US products such as denim jeans and motorcycles.
Mr Trump has also threatened duties on European cars, a particular concern to Germany.