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Sunday, December 5, 2021

Boeing-Airbus dispute, EU duties for 4 billion dollars on US products waiting for “peace”

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If you want peace, prepare for war. The Latin motto has been interpreted literally by the European Union which, pending the inauguration of President-elect Joe Biden, in the tariff war unleashed by the outgoing Donald Trump, has decided to impose tariffs on US goods for about 4 billion since Tuesday dollars for Washington state aid to Boeing. The WTO recognized this right in Brussels after a year recognized it to the United States, which imposed tariffs of $ 7.5 billion on European products as a countermeasure to state aid to Airbus. The Boeing-Airbus dispute has been going on for 16 years. The vice president of the EU Commission with responsibility for Trade, Valdis Dombrovskis, assured that the duties will be “immediately removed” if the United States does the same. “We do not want an escalation – he said – we will follow the same approach as the US, so in addition to products from the aviation sector, tariffs will affect agricultural, food and industrial products”.

Diplomacy at work

«I remind you – Dombrovskis explained to the EU ministers of Commerce gathered in videoconference – that the United States has imposed its tariffs on the EU for over a year. We ask the US to agree to abandon the existing countermeasures with immediate effect, so that we can quickly leave this problem behind ”. “Removing these tariffs – he added – would represent a victory for both”. The German Economy Minister, Peter Altmeier, explained in the press conference at the end of the Trade Council that “there are great expectations after Joe Biden’s electoral victory and the hope is that the United States will return to a multilateral approach, including in trade. “. In short, the door to negotiations is open.

Products affected

Airplanes with related components, tobacco, sweet potatoes, wheat, vanilla, cheese, liqueurs, chocolate, tractors, sports equipment, casino components: these are some of the products that appear in the double list of duties (one with tariffs at 15% and one at 25%) that the EU will impose from Tuesday 10 November. All Boeing aircraft models will face a 15% customs duty, while agricultural products, processed agricultural goods and industrial products will suffer a 25% surcharge. A revenue from customs duties on Boeing models is estimated at 1.8 billion dollars (44% of the total value of the new duties), while industrial goods will come to approximately 1.14 billion dollars (28%). Agricultural products made in the USA will be increased by a total of about 722 million dollars (18%) and the rest (364 million dollars, equal to 9% of the duties introduced) will be charged to the processed agricultural goods.

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