Trump threatens to impose $US11b tariffs on Europe, IMF downgrades Australian economy

US proposes tariffs on $11bn of EU products

The United States is planning $11 billion of tariffs on goods from the European Union - including aircraft, aircraft parts, motorcycles, cheese and wine - to counter the harm that it claims has been caused to Boeing by its subsidies for Airbus.

The Trump administration announced the additional levies on EU goods - including roquefort and stilton cheese, wine and aircraft parts - as a response to subsidies for Airbus, the European aerospace and defence group, which it said were harmful to the US. The USTR said that the value of the products that are proposed to be hit by tariffs is subject to an arbitration at the WTO.

The US Trade Representative on Monday proposed a range of European Union products, from large commercial aircraft and parts to dairy products and wine, to target as retaliation for subsidies given to Airbus.

European Commission finds the US proposal "greatly exaggerated" and is preparing its own list of products, which, likewise, include large commercial aircraft (hint: Boeing) and parts, Reuters reported on April 9, 2019, quoting a "source" inside the Commission.

The EU is already facing U.S. tariffs on its steel and aluminium exports and U.S. President Donald Trump has repeatedly threatened to hit EU cars with punitive duties.

The European Union and the United States have for years disputed each other's reciprocal subsidies to Airbus and Boeing, long predating Trump's 27-month presidency.

The trade watchdog said last month that the United States had failed to stop giving Boeing illegal tax subsidies in Washington State, but cleared it of other allegations.

The European Union is preparing retaliatory tariffs against the USA over subsidies to Boeing Co., significantly escalating transatlantic trade tensions hours after Washington vowed to hit the EU with duties over its support for Airbus SE. The U.S. says the move is in response to subsidies given to Boeing Co. rival Airbus SE.

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"The EU has taken advantage of the USA on trade for many years".

The list of products the USA will add tariffs on does not take into account Brexit as British products including Stilton cheese, woollen jumpers and kitchen knives.

The EU responded Tuesday to the U.S.'s latest call for new tariffs by noting that it was based on its own estimate, not anything it had been awarded by the WTO. Trump said on Twitter.

"Boeing has not shown any willingness to comply with the March 28, 2019, WTO decision regarding the massive subsidies received by Boeing that are clearly contravention of WTO rules", she said.

Last year, the U.S. started charging levies on the imports of steel and aluminium from key allies including the EU.

"The new tariffs. are a drop in the ocean as a percentage of the overall trade between the USA and Europe and we view them as a negotiating tool to set the tone for what the really important negotiations are, namely autos", she said.

Germany is particularly apprehensive of possible US tariffs on auto imports.

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