The USTR issued a press release late yesterday regarding the potential imposition of additional tariffs on certain products from the European Union.
The additional tariffs would be imposed pursuant to Section 301 of the Trade Act of 1974 and would affect approximately $11 Billion in goods. The USTR states that the tariffs are being contemplated in response to subsidies that the EU has provided to European aircraft manufacturer Airbus. The tariffs are split between two “Annexes”: one annex covering civil aviation products that applies to only France, Germany, Spain and the United Kingdom and another annex applicable to all EU member states covering various non-aviation products including cheese, wine and apparel (a link to the full list of the proposed tariffs is below). The tariffs will not be finalized until after a World Trade Organization ruling addressing the alleged subsidies, which is expected this summer.
Compliments of Jaguar Freight, a member of the EACCNY