U.S. threatens $11bn tariffs on European Union goods including wine and cheese

U.S. President Donald Trump speaks to members of the media on the South Lawn of the White House before boarding Marine One in Washington D.C. U.S

US proposes tariffs on $11bn of EU products

In a statement Monday, the office of the U.S. Trade Representative (USTR) said the World Trade Organization (WTO) had repeatedly found that European subsidies to Airbus have caused adverse effects to the United States.

The U.S. tariff wish-list, released late Monday, reflects the Trump administration's calculation of the harm the European Union subsidies have inflicted on the United States - and specifically to Boeing.

The U.S. trade authority released a preliminary list of products to be covered by the additional import duties, including helicopters, passenger and cargo aircraft, fuselages, and other aircraft parts.

U.S. President Donald Trump reiterated the intent with a tweet Tuesday morning, claiming the European Union took advantage of the U.S. "It will soon stop!"

Trade analysts say it isn't unusual for countries to present a tariff target list before the WTO arbitrator sets actual parameters.

The proposed levies represent the latest salvo in a long-running dispute between Airbus and its USA rival Boeing.

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Trump tweeted on Tuesday complaining about the tariffs. "The EU is open to the US offer for dialogue in order to reach a fair solution".

In response, the European Commission said earlier Tuesday it had started to draw up plans to retaliate over Boeing subsidies.

The USTR said Monday that once that report is issued, it will announce a full product list, which comes after months of trade tensions between the US and the EU.

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The Boeing-Airbus spat is the longest and most complicated dispute dealt with by the WTO, which aims to create a level playing field in global trade.

The U.S. and EU have since July been in talks to scale back the tariffs, with Trump holding out the bigger threat of slapping tariffs on European cars - a huge industry in the region - should the negotiations not yield a result.

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Airbus shares closed down almost 2 percent, while Boeing dropped 1.4 percent.

French Finance Minister Bruno Le Maire told a conference in Paris that the two sides needed to reach a friendly agreement.

"This case has been in litigation for 14 years, and the time has come for action", said U.S. Trade Representative Robert Lighthizer. It also said the European Union is preparing its own retaliation based on a separate WTO case, in which US -based Boeing was found to have received illegal support from the state of Washington.

The United States and Europe have been locked in a years-long spat over mutual claims of illegal aid to plane giants, Netherlands-based Airbus and USA -based Boeing Co, to help them gain advantage in the world jet business.

The EU has argued the Boeing has benefited from similar government support.

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