New Tariffs Could Raise the Prices of Your Cheese, Wine, and Olive Oil
The Trump Administration’s proposed tariffs on European imports could affect your budget in a very real way.
The president recently “released a 14-page list of EU goods that could attract a higher tariff, including several symbolic targets such as ‘French cheese,’ roquefort cheese, wine, champagne, olive oil and seafood such as oysters,’” according to The Guardian.
The Guardian reports that the tariffs are likely Trump’s response to Airbus—a European Union-subsidized aircraft manufacturer and Boeing's key competitor.
“The World Trade Organization finds that the European Union subsidies to Airbus has adversely impacted the United States, which will now put Tariffs on $11 Billion of EU products! The EU has taken advantage of the U.S. on trade for many years,” the president tweeted. “It will soon stop!”
An Airbus spokesperson told The Guardian that the company sees no “legal basis” for the tariffs, and that measures have been taken to comply with “relatively minor” World Trade Organization requirements.
Meanwhile, the European Commission is “starting preparations so that the EU can promptly take action based on the arbitrator’s decision on retaliation rights in this case," a spokesperson for the European Commission said, according to Reuters. "The European Union remains open for discussions with the United States, provided these are without preconditions and aim at a fair outcome."