US Considers New Tariffs on European Products... Tariff Rates Up to 100% Possible

On July 8, 2017 (local time), at the G-20 summit held in Hamburg, Germany, German Chancellor Angela Merkel is standing behind U.S. President Donald Trump, who is seated, pointing at something with her finger. (Photo by AP Yonhap News)

[Asia Economy Reporter Kum Boryeong] The United States is reportedly considering imposing new tariffs on approximately $3.1 billion worth of products from the United Kingdom, France, Germany, and Spain.

According to CNBC on the 24th (local time), the U.S. Trade Representative (USTR) stated in a document released the previous evening that it is "considering imposing additional tariffs of up to 100% on products from France, Germany, Spain, and the United Kingdom."

The products under consideration include olives, coffee, chocolate, beer, certain trucks, and machinery.

This measure is related to the long-standing dispute between the United States and the European Union (EU) over subsidies provided to commercial aircraft manufacturers.

In October last year, the World Trade Organization (WTO) ruled that Germany, France, Spain, and the United Kingdom had provided illegal subsidies to Airbus. As a result, the United States was authorized to impose tariffs on $7.5 billion worth of products.

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