NEW YORK, October 3. /TASS/. The US authorities are set to impose tariffs on passenger planes and agricultural products from the European Union following a decision by the WTO arbitration body, the CNBC TV channel reported citing the US Trade Representative’s office.
According to the broadcaster, the aircraft duty would amount to 10%. Tariffs on some agricultural products and other goods would stand at 25%. They would come into force on October 18.
The US Trade Representative’s office is expected to publish the full list of EU products subject to US duties in the coming hours.
US and EU officials are expected to meet for consultations on October 14.
US President Donald Trump described the WTO ruling as a major victory for his country.
"That was a big win for the United States," he said at a joint news conference with Finnish President Sauli Niinisto. "You never had wins with other Presidents, did you? But we’re having a lot of wins at the WTO since I became President."
"This was a $7 billion win. Not bad," Trump added.
Niinisto, in turn, said he respected multilateralism and international institutions.
"So, WTO has given now a decision which is, well, quite tough with Europe. But I just say that the WTO has set its opinion, and that’s that," he said.
In 2014, the US filed the case against Europe in the World Trade Organization, accusing EU nations (United Kingdom, Germany, Spane and France) of issuing cheap loans to Airbus, which, in Washington’s opinion, amounted to illegal state subsidies.
The global trade body ruled in US favor. However, Washington accused the EU of not being compliant with the ruling. More litigation followed.
Eventually, the WTO permitted the US to impose tariffs on $7.5 billion in goods on Wednesday. Though the figure was well below the $10.56 billion that the US had officially requested, it was still the largest penalty of its kind in the organization’s history.
The decision is yet to be formally approved by the WTO's dispute settlement body.