USTR raises tariffs on European aircraft amid subsidies-row


The US Trade Representative’s (USTR) Office announced late Friday that it would raise tariffs on aircraft imported from the European Union (EU) to 15% from 10%, per Reuters.

Additional Details:

Would make minor modifications to 25% tariffs imposed on cheese, wine and other non-aircraft products from the EU, including dropping prune juice from the list.

It did not raise the tariff rates on those products, as it had suggested it might do in October.

The higher aircraft tariff will take effect March 18.

This comes as a set back for the European aircraft manufacturer, Airbus, as they consider the hike illegal.

Airbus said it would ultimately harm US airlines and consumers who have to pay extra levies, as cited by CNBC news.

The escalating US-EU trade tensions is likely to exacerbate the pain the shared currency, as EUR/USD settled the week close to a 34-month low of 1.0827, having failed to sustain the bounce above 1.0850.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD looks to test 1.0800 ahead of German ZEW

Despite the latest recovery attempt from a new 34-month of 1.0823 reached in early Asia, the sentiment around the EUR/USD pair remains undermined by the German economic growth concerns and broad US dollar strength. Focus on German ZEW, coronavirus updates.

EUR/USD News

GBP/USD extends losses to sub-1.3000 area, UK unemployment rate in focus

GBP/USD stays mildly negative around 1.30 while heading into the London open on Tuesday. UK’s Brexit negotiator shares the same view as PM Boris Johnson, increases the risks of hard departure. UK employment statistics will be the key to clarify on the BOE’s bearish bias.

GBP/USD News

UK jobs preview: 3 reasons why Cable could bounce even if wage growth slows

Lower wages are bad news for workers and usually also for the pound – but these are abnormal times, and sterling may shine in response to the UK's December jobs report. The focus is on wage growth 

Read more

Gold: Positive beyond six-week-old falling trendline

Gold prices take the bids to $1,586.50, +0.35%, during the pre-European session on Tuesday. The yellow metal recently broke a downward sloping trend line stretched from January 08. Early-month top on the buyer’s radar.

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex MAJORS

Cryptocurrencies

Signatures