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Boeing: WTO Ruling Could Lead To Biggest Retaliatory Tariffs Ever

Boeing: WTO Ruling Could Lead To Biggest Retaliatory Tariffs Ever

The financing hurt sales of Boeing's 747 jumbo jetliner and 787 Dreamliner and clipped exports to the EU, Australia, China, Korea, Singapore and the United Arab Emirates, the panel determined.

"The WTO appellate body has definitively rejected the US challenge on the bulk of European Union support to Airbus, and agreed that the European Union has largely complied with its original findings", European Union trade commission Cecilia Malmstrom said in a statement.

However, the Geneva watchdog dismissed USA claims that loans for Airbus's most popular models, the A320 and A330, were costing Boeing significant sales and in so doing narrowed the scope of one of the world's longest and costliest trade spats.

"Today's report is really only half the story", Airbus CEO Tom Enders says, as the WTO is expected to issue a ruling in the coming months on an European Union case against the US over subsidies provided to Boeing, which could rebalance today's outcome. "Today's decision ends the dispute and clears the way for the United States Trade Representative (USTR) to seek remedies in the form of tariffs against European imports to the United States".

The litigation adds to the tension between the US and Europe, two once-cooperative trade partners that are already sparring over Trump's steel and aluminum tariffs and his decision to back out of a nuclear treaty with Iran. "The commercial success of products and services should be driven by their merits and not by market-distorting actions", said Boeing Chief Executive Officer Dennis Muilenburg.

The tariffs could be scheduled as early as 2019 and would likely be the largest-ever WTO authorization of retaliatory tariffs, Boeing said.

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"The other half coming out later this year will rule strongly on Boeing's subsidies and we'll see then where the balance lies", he said.

"Boeing is now at more than 90% failed claims".

Airbus CEO Tom Enders hit back saying that the ruling yesterday was "only half the story".

The WTO said that the EU and four of its member states had provided $18bn in illegal state aid to the European aircraft maker to help launch the world's largest airliner, the A380, and its new long-haul model the A350. NJ gov signs bill to skirt GOP tax law provision MORE (R-Texas) said in a statement.

Malmstrom added: "Also, we look forward to the upcoming ruling by the appellate body on USA compliance with the WTO findings of the massive and persistent government support to Boeing".