U.S. tariffs totaling to $7.5 billion will be enacted on the European Union today. Producers of specialty food products such as Italian Parmesan, French wine and Spanish olives have been put on the bargaining table as recompense for the illegal EU Airbus subsidies reported earlier this month.
The tariffs appear to have been chosen selectively to hit premium items that U.S. consumers could continue to afford even at higher prices - not on any economic sectors that would lead to unfair subsidies to the Airbus industry.
France’s finance and economy minister, Bruno Le Maire, told Europe 1 radio that the European Union would strike back if the tariffs take effect.
“We, Europeans, will take similar sanctions in a few months, maybe even harsher ones - within the framework of the WTO - to retaliate to these U.S. sanctions,” he said.
If you have questions about how this could impact your imports, please contact us or reach out to your Ascent Global Logistics representative directly.