The special meeting Monday at the WTO requested by the U.S. saw the U.S. granted approval to impose sanctions on $7.5 billion in goods from the European Union (EU).
The EU continued to contend the U.S. action was unfair while the U.S. maintained the position that the dispute has been ongoing for some 15 years without any changes on the part of the EU.
Incoming EU Trade Commissioner Phil Hogan said he would seek a negotiated settlement with the U.S. and said the block would likely finance and aid plan for olive farmers as they are among the sectors that will be hit by tariffs.
The U.S. intends to hit the full $7.5 billion slate of products with tariffs, setting them at 10% for large commercial aircraft and 25% on agricultural and industrial goods.
The tariffs will take effect October 18.
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