Europe sees an olive branch in latest U.S. tariff move

Cases of 2010 vintage Chateau Fayat red wine sit on display in the gift shop at Chateau La Dominique vineyard and winery in Pomerol, France. Photo: Balint Porneczi/Bloomberg.

The U.S. left largely intact its list of European products worth $7.5 billion targeted with tariffs because of illegal Airbus subsidies, opting not to follow through on a threat to substantially increase the economic pain on its transatlantic trade partners.

In a statement in Washington on Wednesday, the U.S. Trade Representative's office said it was making "modest" changes to the list of products subject to tariffs, while leaving the overall amount of goods unchanged. The U.S. didn't carry out a threat to increase the tariff rate to 100% from the current 15% and 25% levels, nor did it expand the list of products to include $3.1 billion of new goods...

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