On October 2, 2019, the World Trade Organization (“W.T.O.”) announced that the U.S. can impose $7.5 billion in tariffs annually on products of the European Union (“E.U.”), in retaliation for the E.U. illegally subsidizing its large civil aircraft manufacturer, Airbus. In anticipation of this decision, the U.S. prepared two lists of tariff provisions on which the U.S. proposed levying retaliatory tariffs of “up to 100%”. Such tariffs would be in addition to the regular rates of duty that apply.
The proposed tariff lists are detailed here:
A final list of the tariff provisions and tariff rates is expected later this month.
Should you have questions about this development and possible implications for your business, contact our office to speak with one of our attorneys.
Compliments of Grunfeld, Desiderio, Lebowitz, Silverman & Klestadt LLP, a member of the EACCNY