ECONOMY

Greek olives escape US tariff hike

greek-olives-escape-us-tariff-hike

European producers of specialty agricultural products like French wine, Italian Parmesan and Spanish olives are facing a US tariff hike due on Friday with a mix of trepidation and indignation at being dragged into a trade war they feel they have little to do with.

The tariffs on $7.5 billion worth of European goods were approved by the World Trade Organization as compensation for illegal European Union subsidies to plane maker Airbus.

The four stakeholders in Airbus – Spain, France, Germany and Britain – were targeted with more tariffs than other EU countries.

Spanish olives, for example, have been singled out, while those from Italy and Greece have been left alone.

That has created additional anxieties, with Spanish olive producers worried that US buyers will turn to buying from Italian companies instead.

[AP]