Airbus: WTO Rules US Should Reduce Tariffs by About $2 Billion -- Update

Date : 12/02/2019 @ 5:16PM
Source : Dow Jones News
Stock : Airbus SE (AIR)
Quote : 132.9  -6.1 (-4.39%) @ 4:39PM

Airbus: WTO Rules US Should Reduce Tariffs by About $2 Billion -- Update

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   By Giulia Petroni 
 

Airbus SE (AIR.FR) said Monday that the World Trade Organization ruled the U.S. should immediately reduce the $7.5 billion tariffs authorized in October by around $2 billion.

The France-based plane maker said the WTO found "the loans for the development of the A380 no longer have an impact on Boeing sales and that therefore the value of the lost sales no longer exists."

However, the WTO found that the European Union "maintained illegal subsidies" for Airbus, rejecting for a second time the bloc's claim that it has complied with the trade body's rules.

In October, the WTO authorized the U.S. to slap duties on $7.5 billion worth of European exports annually, until the EU complies with its rulings.

"The panel concluded that the EU and the four member states failed to bring its measures into conformity with its obligations," the WTO said, "and to this extent, that the adopted rulings remained operative."

"Based on these findings, Airbus would support to appeal this report, as per WTO rules," the company said.

The company said it "continues to encourage" the U.S. to reach a negotiated settlement.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

December 02, 2019 12:01 ET (17:01 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.


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