By Michael Hernandez
WASHINGTON (AA) – The U.S. will slap tariffs on $11 billion worth of European Union products, President Donald Trump said Tuesday.
"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," Trump wrote in a lengthy Twitter post. "The EU has taken advantage of the U.S. on trade for many years. It will soon stop!"
The U.S. Trade Representative announced Monday it selected a preliminary list of goods to slap the economic penalties on in retaliation for the EU's aircraft subsidies.
Those goods include helicopters, aircraft, crab meat, cheese, butter, yogurt and dozens of others.
“This case has been in litigation for 14 years, and the time has come for action. The Administration is preparing to respond immediately when the WTO issues its finding on the value of U.S. countermeasures,” U.S. Trade Representative Robert Lighthizer said in a statement accompanying the announcement.
Lighthizer's office said it estimates the EU's Airbus subsidies have resulted in $11 billion in harm each year.
In response, the EU has said it is also preparing a list of retaliatory tariffs for U.S. subsidies to Boeing.
Stocks nosedived amid the latest Trans-Atlantic trade row with the Dow falling as much as 187 points during the day.