The European Union on Thursday asked the World Trade Organization for the right to impose trade sanctions worth up to $12 billion annually on the United States in retaliation for illegal U.S. subsidies to planemaker Boeing.
The request, which is the largest penalty ever sought from the WTO, is the latest legal move in what is the world's biggest trade dispute and one of the longest.
The wrangling dates back to 2004, when the United States filed a case challenging European support for Airbus and the EU responded with a counter complaint against U.S. support for Boeing.
Source: Reuters. Read full article. (link)