President Joe Biden’s election to the top of US trade negotiations said Thursday he would seek a solution to the costly and long-standing battle over subsidies for Boeing and Airbus.
In a transatlantic dispute 16 years ago over government assistance to competing aircraft manufacturers, Brussels and Washington each included US tariffs on record $ 7.5 billion in European products approved by the World Trade Organization in 2019. We impose disciplinary tariffs.
Katherine Tai told Senator at a confirmation hearing on behalf of the U.S. Trade Representative, “This particular plane has been around for so long that we understand how to land and forgive puns. I’m very interested in it. “
Thailand acknowledged the “confusion and suffering” caused by tariffs, but said it was the way the WTO process was designed to work.
“You try to hurt each other’s stakeholders and motivate each other to reach a solution.”
But she said, “The US and EU need to work together to find the answer.”
Thailand also agreed that the WTO should be reformed. This is a view shared by its predecessors who effectively paralyzed the dispute resolution system of industry groups.
“We need to have a fierce conversation in Geneva in a constructive way asking what the WTO’s value to its members is,” Thai said.
Both sides won the WTO’s ruling in an aviation dispute that approved punitive tariffs.
Earlier this month, the Biden administration announced that it would maintain a 25% tariff on European products such as wine, cheese and olive oil and a 15% tariff on Airbus so far.
In January, the United States imposed new obligations on French and German aircraft parts, wine, cognac and brandy.
In November, the EU imposed additional tariffs on $ 4 billion worth of American goods, including Boeing machines, agricultural products such as wheat and tobacco, and even more powerful alcohol and chocolate.
Biden Trade Pick Will Seek End To Boeing-Airbus Dispute Source link Biden Trade Pick Will Seek End To Boeing-Airbus Dispute