Ns News Online Desk: The World Trade Organization has authorized the European Union to slap tariffs on US exports worth up to 4 billion dollars over illegal US support for airplane maker Boeing. Tuesday’s decision follows a WTO ruling last year that prompted the United States to begin imposing tariffs on 7.5 billion dollars in EU goods and services over state aid for Europe-based aircraft maker Airbus.
The US claims that Airbus received illegal subsidies. The EU has leveled similar accusations against the US, saying Boeing received illegal subsidies. The WTO has already determined that the subsidies on both sides were illegal.
The EU has prepared a list of US products subject to additional duties. Industrial and farm products are reportedly being targeted.But both the US and the EU are signaling interest in settling the dispute over airplane makers subsidies, rather than continuing retaliation, amid the global economy that has sustained serious damage from the new coronavirus.