The Appellate Body of the World Trade Organization (WTO) on Monday officially allowed the European Union to take countermeasures for Washington's illegal subsidies to the Boeing Co concern and to increase duties on imports from the United States by up to $ 4 billion.
"The European Commission is preparing countermeasures in close cooperation with the Member States (EU), - said, commenting on this decision, the Deputy Chairman of the EC Valdis Dombrovskis. - The preferred outcome for us remains a settlement through negotiations with the United States. To this end, we continue actively interact with my American counterparts and I am in regular contact with US Trade Representative Robert Lighthizer. In the absence of an agreed result, the EU will be ready to take action in accordance with the WTO ruling. "
Disputes between the EU and the US on subsidizing aircraft manufacturers have been going on since 2004. Brussels accused Washington of subsidizing Boeing, and the United States complained to the WTO about subsidies to the European aircraft manufacturer Airbus from the UK, Germany, Spain and France.
In March 2019, the WTO Appellate Body confirmed most of the EU's claims against the US.
American stocks fell sharply in Monday trading on concerns about rising incidence of coronavirus in the United States and Europe and faint hopes for a new stimulus package in the United States before the November presidential election.