Texans and other Americans who love wine and cheese from Europe may want to stock up now. Consumers, retailers and wholesalers are preparing for 25% tariffs on imports from Europe. The tariffs stem from a 15-year-old dispute over airplanes.
Tom Benning is a Washington D.C.-based reporter for The Dallas Morning News. He says it’s competition over building airplanes that has caused the dispute between the U.S. and Europe. More specifically, the conflict is between Boeing and the European plane-builder, Airbus.
“They’re both pointing their fingers at each other, saying ‘you’re getting unfair subsidies from the government.'” Benning says.
The catalyst for tariffs on European goods was a recent World Trade Organization ruling that Europe was in the wrong.
What you’ll hear in this segment:
– Why the tariffs are beginning now
– Why the U.S. Can impose tariffs based on food, and other luxury products, based on an airplane dispute
– What products are affected by the tariffs
– How much money is at stake