US to impose retaliatory tariffs of 10% on EU aircraft, 25% on EU agricultural, industrial goods

US Treasury official announcing

• says US will impose retaliatory tariffs of 10% on EU aircraft, 25% on EU agricultural, industrial goods in WTO aircraft subsidies case
• 10% US. tariff on EU aircraft will not apply to aircraft parts
• says will announce list of EU goods on Wednesday that will be subject to retaliatory tariffs, declines to provide total amount of imports affected
• says intends for tariffs to take effect on oct 18
• US. willing to negotiate with EU to settle aircraft case but past EU offers insufficient to end subsidies
• says hopes imposition of tariffs will lead to negotiated settlement to end EU subsidies
• says US would be prepared to respond if EU invokes past WTO tariff authority to retaliate

This was on the cards ever since the dispute was found in favour of the US. Not a euro positive but mitigated somewhat by being expected. Still, an ugly development for sure.