Lanka may face indirect consequences — European Union trade battle

European Commissioner for Trade Cecilia Malmstrom speaks during a media conference after an informal lunch of EU trade ministers at the Europa building in Brussels Tuesday Oct. 1 2019. The World Trade Organization ruled in May that Europe illegally sub

WTO allows U.S. to retaliate with tariffs on EU exports because of Airbus subsidies

Italian ham is put on display in a deli in Rome, Thursday, Oct. 3, 2019.

The affected products include cheese, whiskey, cherries, cherry juice, pear juice, olives, olive oil, wine and pork. With US officials slapping the 25% tariff on single-malt whiskies coming from the United Kingdom but not from the Republic.

But officials also indicated they still hoped to find common ground to avoid escalating trade tensions that risk battering economies across the globe.

Unlike the Trump administration's unilaterally imposed tariffs on Chinese goods, its tariffs on the European Union have so far adhered to a neutral arbitration process governed by the rule of law, he noted.

Despite relief over Airbus, Alabama is bracing for tariffs that could hit Germany's Daimler, which operates a large Mercedes auto plant in Tuscaloosa, beginning next month.

"This step triggers fears of a new round of escalation of tariff wars", said Alex Kuptsikevich, a financial analyst with brokerage FxPro.

'There's going to be no tit-for-tat retaliation, ' Navarro said.

The Trump administration's use of tariffs is an attempt to convince the European Union to negotiate a new deal, according to a Bloomberg report. The measures are to go into effect on October 18.

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But Wednesday's decision by the World Trade Organization (WTO) left Scottish whisky makers, French cheese makers and Spanish winemakers fuming as the USA tariffs targeted products from countries in the Airbus consortium - which includes the United Kingdom, France, Spain and Germany.

In the parallel Boeing case, the European Union will in some months equally be granted rights to impose countermeasures against the U.S.as a result of its continued failure to comply with WTO rules. Sometimes importers pass on the higher costs to consumers, making goods more expensive.

Minister of Agriculture Luis Planas said, "there is still a margin for negotiation".

A spokesperson for the UK's Department for International Trade said: "Resorting to tariffs is not in the interests of the UK, EU or US".

While the Boeing-Airbus fight pre-dates Trump, another wave of tariffs adds to concerns about global trade, which has slowed significantly amid the many disputes. The U.s. trade representatives have estimated that in the U.S. because of this, every year an estimated 11-billion dollars in damage to suffer from.

The EU and United States have reached such settlements in the past. The two sides account for about half of the world economy.

The EU has its hands tied until at least January, when the WTO is due to rule on whether the EU can place its own tariffs on the US. "In the current context, it's going to be hard to contain".

US President Donald Trump hailed the verdict as a "nice victory".

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The EU said on Wednesday it would retaliate if the United States imposed tariffs. But the spat is widely viewed as a confrontation between trade superpowers, Washington and Brussels, that could decide the WTO's future.

It all adds up to a grim outlook for exporters and manufacturers, which are cutting down on investment.

The EU would prefer an amicable settlement in this 15-year-old dispute and the development of new common rules on government support for aviation companies. US rival Boeing Co BA.N has large manufacturing operations in the north of the state. The US is our largest and most valuable single market, and over £1 billion of Scotch whisky was exported there past year.

"The government of Spain will bring to bear all the pressure (it can)", he said.

Director of Drinks Ireland, Patricia Callan, said there are no winners in a trade war.

That means large parts shipped to the deep-sea Alabama port of Mobile from plants in Europe will not be hit by the duties, allowing Airbus to continue to supply US -based airlines with a limited number of locally assembled aircraft.

Piovano reported from London.

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