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U.S. President Donald Trump’s administration is preparing to impose tariffs on European exports ranging from wine and spirits to cheese and airplanes, after the World Trade Organization authorized $7.5 billion in U.S. duties against the European Union. This would deliver a serious blow to Europe’s aircraft industry and hit export orders for U.S. manufacturers, according to analysis by
Bloomberg Economics. It may also mark an escalation in a trade war with the EU, which could tip the region’s fragile economy into recession.