Yesterday, the World Trade Organization said it will allow the European Union to impose tariffs on up to $4 billion worth of US goods. This is the most recent development in a longstanding dispute between the two economic superpowers over aircraft subsidies.
In short, a preliminary list of American goods the EU can now tax includes frozen fish, citrus fruit, vegetables, tobacco, leather goods, wine and airplanes. However, the EU will not be able to set any new tariffs in place immediately; it must first request authorization from the WTO.
The US last year imposed its own tariffs on a range of European products including cheese, wine, and olive oil after the WTO gave it permission to tax up to $7.5 billion in exports from the EU every year. It’s still possible that the EU will reach a settlement with the US that will preclude it from levying the new tariffs.