US cleared to slap $7.5 billion in tariffs on EU over Airbus case
The United States got the green light Wednesday to slap $7.5 billion in new tariffs on the European Union, a move that would open a new chapter in the global trade wars that are dragging down the world economy.
The World Trade Organization said the US can impose the tariffs as retaliation for illegal aid that the 28-country EU gave to plane-maker Airbus as it competed with American rival Boeing.
The move, culminating a 15-year standoff, gives the Trump administration the legal cover to impose tariffs it has long threatened, escalating uncertainty for the economy at a time when the US trade war with China is weighing heavily on businesses, particularly manufacturers.
