USTR Lighthizer: EU has not taken actions necessary to come into compliance with WTO decision

Anil Panchal FXStreet

Early Thursday morning in Asia, late-Wednesday in the West, the US Trade Representative (USTR) Robert Lighthizer crossed wires, via Reuters, while criticizing the European Union (EU) over the bloc’s performance on the airbus case. The Trump administration member also marked some tariff changes for the UK, Greece, France and Germany.

Key quotes

Will modify list of EU products affected by tariffs in aircraft subsidy case.

Tariff rates on EU products will remain unchanged at 25% for EU goods, and 15% for aircraft

Modifying list of EU products facing tariffs to remove some from Greece and Britain, adding equivalent amount France and Germany.

EU has not taken actions necessary to comply with the WTO decision on aircraft subsidies.

US. committed to obtaining long-term resolution to dispute over aircraft subsidies; will begin new process with EU.

Market reaction

The trade-negative news joins the doubts over American stimulus package to probe the risk-barometer AUD/USD pair’s recent recovery around 0.7160.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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