US President Donald Trump turned to Twitter on Tuesday to announce that the US was introducing $11 billion worth tariffs on EU products due to the bloc's subsidies to Airbus.
"The EU has taken advantage of the U.S. on trade for many years. It will soon stop!" Trump noted on Twitter.
The World Trade Organization finds that the European Union subsidies to Airbus has adversely impacted the United States, which will now put Tariffs on $11 Billion of EU products! The EU has taken advantage of the U.S. on trade for many years. It will soon stop!
— Donald J. Trump (@realDonaldTrump) 9 апреля 2019 г.
Commenting on the planned move, French Finance Minister Bruno Le Maire has warned that the US and the EU "cannot allow" a fresh conflict over European plane-maker Airbus.
Airbus, in its turn, said that the latest WTO report would allow the bloc to consider "even greater countermeasures."
Washington's row with Brussels over subsidies to Airbus, a long-time rival of US competitor Boeing, dates back to 2004 when the US first turned to the WTO. In 2011, the WTO claimed that Airbus received $18 billion in subsidies from the EU between 1968 and 2006.
The US argues that the EU subsidies caused a decline in Boeing sales and led to it losing market share in countries across the world.
READ MORE: France Warns Europe and US Cannot Allow Trade Conflict Over Airbus Subsidies
The EU, for its part, accused the US of providing Boeing with unfair support, including through tax concessions, and dealing with the issue at the WTO. Brussels claims that Washington provided Boeing with more than $5 billion in subsidies between 1989 and 2006.
