EU 'regrets' new US tariffs in Airbus-Boeing spat, hopes to seek solution

The European Union, on December 30, said it “regrets” America’s decision to slap more tariffs on French and German products as part of a dispute over Airbus and Boeing. Accusing Washington of "unilaterally" disrupting ongoing talks, Brussels said it would seek a solution to the row with the incoming Biden administration. The remarks come as Washington recently slapped heavy tariffs on non-sparkling wine from, certain cognac and other grape brandies both the European nations.

Elaborating on the same, the European Commission said regrets that the United States has chosen to add further EU products to its “retaliation list” in the WTO Airbus case on aircraft subsidies. In its defence, the Trump Administration said that the newly imposed tariffs were a retaliatory measure taken in response to a tariff imposed by the EU which it says is unfair.

16-year long trade war

In a trade war that has stretched since the past 16 years, both America and the EU have been squabbling over aircraft subsidies. Earlier in 2020, WTO  authorized the European bloc to levy additional customs duties on American Products. However, the American Administration judged it to be unfair and stressed that it has been panelized by “method of calculation” chosen. Throughout his tenure, Trump has argued that the US had to suffer because of amplified tariffs by the EU.

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Meanwhile, a report by Financial Times said that the European Union (EU) is seeking to forge a brand new alliance with the United States to let go of the tensions budded from the outgoing administration of US President Donald Trump and eventually tackle the challenges posed by China. Further, the EU plan of post-Trump relations with the US proposes rebuilding the bilateral relationship with common fronts on several key issues such as digital regulation and the fight against COVID-19 pandemic. 

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