EU plans to impose retaliatory tariffs on the United States

According to Reuters, a European Union official said on the 9th local time that the European Union had begun preparing to impose retaliatory tariffs on Boeing‘s subsidies. Earlier, the United States threatened to impose tariffs on the EU‘s $11 billion in goods, including dairy products and wine, because subsidies from French aircraft maker Airbus hurt the U.S. economy. A source from the European Commission said the U.S. proposed counter-measures were "too exaggerated" and said that only World Trade Organization (WTO) arbitrators could decide the amount of retaliation. This development may further exacerbate trade tensions between the two sides of the Atlantic.