The price of Scotch, French wine, cheese and other European exports is about to go up in the U.S. after the Trump administration announced new tariffs on billions of dollars of EU products starting Oct. 18.
President Donald Trump got the go-ahead from the World Trade Organization on Wednesday to impose tariffs on as much as $7.5 billion worth of European exports annually in retaliation for illegal government aid to Airbus. The award is the largest in WTO history.
The U.S. plans to impose a 10% tariff on large civil aircraft from France, Germany, Spain and the U.K. It will also slap 25% levies on a range of other items including Irish and Scotch whiskies; wine, olives and cheese; as well as certain pork products, butter and yogurt from various European nations, according to the U.S. Trade Representative’s Office.
The U.S. removed leather goods from its original proposed list -- among other items -- sparing luxury labels such as Givenchy and Louis Vuitton. Wine and spirits produced by LVMH, Remy Cointreau SA, Pernod Ricard SA and Diageo PLC are among those affected by the levies.
The new U.S. list does spare some Airbus parts including sections of fuselage that are used to assemble A320s for American buyers at a plant in Mobile, Alabama. State officials in Alabama had lobbied for parts used by the plant to be spared.
Source- Bloomberg
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