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10/2, 4:05 PM (Source: TeleTrader)
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WTO backs US in subsidies dispute with Airbus

The World Trade Organization ruled on Wednesday that the United States can impose billions of tariffs on European imports over illegal subsidies to Airbus. Arbitrators gave the green light for $7.5 billion in levies that will make up for US losses.

"If the US decides to impose WTO authorized countermeasures, it will be pushing the EU into a situation where we will have no other option than do the same," European Commissioner for Trade, Cecilia Malmstrom was quick to react to the decision.

Washington claims that Airbus has been receiving illegal funding from European governments for decades, while Europe hit back with allegations of its own concerning subsidies for Boeing. The WTO previously ruled that both companies had received unlawful aid.

Breaking the News / JC