European revenge? Tariffs on Boeing under consideration
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In a new chapter of transatlantic trade tensions, the European Union is considering imposing tariffs on Boeing aircraft as a possible retaliatory measure if talks with the United States fail to yield a tariff reduction. The news was reported by the Financial Times and cited by Reuters.
According to the report, the European Commission, which oversees the bloc’s trade policy, is weighing the inclusion of U.S. civil aircraft in a list of imports worth $100 billion annually that could be subject to new duties. However, the measure would only be triggered if current negotiations with Washington don't show sufficient progress.
Reuters notes that Maros Sefcovic, the EU’s trade chief, made it clear that Brussels would not accept “an unfair tariff deal” with Washington. Any proposed tariffs would need to be approved by a qualified majority of EU member states.
Currently, EU exports to the U.S. face tariffs of 25% on steel, aluminum, and automobiles, in addition to "reciprocal" duties of 10% on most goods, including aircraft, according to the news agency. These could rise to 20% after a suspension enacted by President Donald Trump expires on July 8.
The prospect of new tariffs is causing concern among European airlines, many of which have pending Boeing aircraft orders, in a rapidly growing aerospace market. Any price increases resulting from new tariffs could seriously impact their fleet plans.
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