Xinhua
27 Oct 2020, 05:14 GMT+10
BRUSSELS, Oct. 26 (Xinhua) -- The European Union (EU) is preparing countermeasures against the United States after the World Trade Organization (WTO) has confirmed the EU's retaliation rights in reaction to illegal subsidies granted to the U.S. aircraft maker Boeing, the European Commission said on Monday.
The announcement was made after the Dispute Settlement Body of the WTO formally authorised the EU earlier in the day to take such measures.
Now the EU can increase its duties on U.S. exports worth up to 4 billion U.S. dollars, according to the announcement.
European Commission Executive Vice-President for an Economy that Works for People and Commissioner for Trade, Valdis Dombrovskis, said the commission is "currently finalising the process" preparing the measures, in close consultation with EU members.
"As I have made clear all along, our preferred outcome is a negotiated settlement with the U.S. To that end, we continue to engage intensively with our American counterparts," said Dombrovskis, adding that he is in regular contact with U.S. Trade Representative Robert Lighthizer.
But "in the absence of a negotiated outcome, the EU will be ready to take action in line with the WTO ruling," Dombrovskis noted.
In October last year, following a similar WTO decision in a parallel case on Airbus subsidies, Washington started to impose retaliatory duties that affect EU exports worth 7.5 billion dollars, and the duties remained even after European governments took decisions to ensure full compliance with WTO rules and removed the grounds for the U.S. to maintain the tariffs in July this year.
Get a daily dose of Irish Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Irish Sun.
More InformationNEW YORK CITY, New York: The United Nations General Assembly has elected five countries to join the Security Council starting January...
SEOUL, South Korea: South Korea's new president, liberal Lee Jae-myung, took office on June 4 after a dramatic and chaotic few months....
LONDON, UK: As of this month, it's officially illegal to buy disposable vapes anywhere in the United Kingdom. The new ban, aimed...
SEOUL, South Korea: South Korea's upcoming presidential election has turned into a messy battle full of personal insults and scandals...
FLIN FLON, Manitoba: More than 25,000 people in three Canadian provinces have been forced to leave their homes because of wildfires,...
NEWBURYPORT, Massachusetts: Aboard a burning fishing boat more than 100 miles offshore, Robbie Roberge knew precisely what to do. He...
DUBLIN, Ireland: Digital Business Ireland (DBI) has asked the Government to do more to help Ireland's digital and tech sector. This...
LONDON, UK: As global tensions rise and Europe's defense posture shifts, the UK is ramping up its military readiness with a 1.5 billion...
BELFAST, Northern Ireland: Northern Ireland's Police Ombudsman has received about 40 complaints of police predatory behavior since...
SINGAPORE: On May 31, U.S. Defense Secretary Pete Hegseth told America's Indo-Pacific allies that they would not be left alone to deal...
DUBLIN, Ireland: TikTok is asking the High Court to stop a decision that could block the transfer of user data to China within six...
MADRID, Spain: Europe's tourism sector is poised for a strong 2025, with international visitor spending projected to grow by 11 percent...