EU seeks $14.7b yearly sanctions against US over Boeing

BRUSSELS (AFP) - The European Union (EU) said on Thursday it was seeking authorisation from the World Trade Organization (WTO) to slap sanctions on the United States (US) worth US$12 billion (S$14.7 billion) a year for illegal subsidies to Boeing.

A European Commission statement said the EU sought permission from the Geneva-based WTO's Dispute Settlement Body "to allow the imposition of countermeasures against the United States."

The US$12 billion amount was "based on estimates of the damages suffered by the EU due to unfair and biased competition from the US industry," it added.

The EU asked for the matter to be discussed at a DSB meeting on Oct 23. An EU source said the 27-nation bloc had committed early this year not to apply sanctions without prior approval from the WTO.