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EU seeks US$12b in sanctions from US
Source: Agencies |
September 28, 2012, Friday
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Print Edition
Print Edition
THE European Union is seeking up to US$12 billion per year in sanctions from the US as part of a long-running dispute involving government subsidies to plane makers Airbus and Boeing, the World Trade Organization said yesterday.
The EU said in a statement yesterday that the amount was "based on estimates of the damages suffered by the EU due to unfair and biased competition from the US industry," which received US government subsidies.
The action marks the latest salvo in a seven-year fight between the EU and the US over grants to the two firms.
Boeing Co and Europe's Airbus are fighting over a market believed to be worth over US$3 trillion over the next decade. The WTO has found fault on both sides.
In March, a WTO appeals panel upheld an earlier finding that Boeing got US$5 billion in subsidies that were barred under global trade rules.
The EU said in a statement yesterday that the amount was "based on estimates of the damages suffered by the EU due to unfair and biased competition from the US industry," which received US government subsidies.
The action marks the latest salvo in a seven-year fight between the EU and the US over grants to the two firms.
Boeing Co and Europe's Airbus are fighting over a market believed to be worth over US$3 trillion over the next decade. The WTO has found fault on both sides.
In March, a WTO appeals panel upheld an earlier finding that Boeing got US$5 billion in subsidies that were barred under global trade rules.
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