Due to a large quantity of disagreements, the EU and the USA are on the verge of a trade war. So, the European Union has requested permission from the World Trade Organization (WTO) to impose duties of $11.2 billion on American items in connection with a long-standing dispute over subsidies to national aircraft agencies, writes signal-means-profits.com.
The US accused a number of EU countries of violating WTO guidelines whilst subsidizing Airbus, which allegedly induced damage to the Boeing Corporation, and imposed duties of $7.5 billion on some European goods. The European Union has made counter-accusations, claiming that due to the illegal subsidizing of the Boeing situation by the USA, it gets a competitive advantage in the international arena.
The WTO will determine on retaliatory EU trade tariffs in opposition to the United States in July. Losses will be incurred not only by American aircraft companies, but also by coal producers, farmers, and fisheries.
Escalating tensions may be particularly painful in the current surroundings, when organizations are going through a crisis due to the COVID-19 pandemic. The affected sectors of the financial system are vital in the run-up to the US presidential race. They are focused especially in States that support the Republican Party, from which Trump is nominated for the presidency, as an example, in Missouri (coal manufacturing) and Louisiana (fishing).
This isn't the first time that the European Union has used such strategies to exert political pressure on the current President. In 2018, the EU has already imposed exchange duties on goods from the United States, with metallurgical products, agricultural and other goods under assault. The European response was in reaction to Washington's tariffs of 25 percent on metallic imports and 10 percentage on aluminum.
Taking protectionist measures, the Trump administration imposes duties on goods from almost all over the world. Since 2017, there was a trade war among Beijing and Washington. However, in early 2020, the parties concluded a truce. As a part of the first phase of the exchange settlement, China pledged to purchase $2 hundred billion worth of goods and offerings from American side. The United States responded by waiving restrictions on Chinese imports. The truce inside the trade conflict was under threat due to the aggravation of relations against the background of suspicions of the American side in the spread of coronavirus in China.
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