{"text":[[{"start":11.08,"text":"Donald Trump’s top trade adviser has warned that the EU’s record-breaking loan to aerospace company Airbus could upend the delicate trade truce agreed by Washington and Brussels, risking the return of a transatlantic trade war."}],[{"start":25.101,"text":"US trade representative Jamieson Greer accused the European Investment Bank of failing to share details about the $3.4bn loan the bloc made to Airbus in June, despite “ongoing requests”, and said he was concerned the money would introduce market distortions that could be a “violation to the terms of our hard-won . . . deal”."}],[{"start":44.88,"text":"“I had sincerely hoped that trade-distorting European subsidies to Airbus were a thing of the past,” said Greer. “For decades, France, Germany and Spain have aggressively supported Airbus, their national champion aircraft manufacturer, to gain an unfair advantage over US aerospace workers and business.”"}],[{"start":62.98,"text":"A deal on state subsidies to Airbus and its US rival Boeing was reached in 2021 under former US president Joe Biden, ending one of the developed world’s longest-running trade disputes. The 17-year-long conflict led the US and EU to put tariffs on billions of dollars of each other’s goods."}],[{"start":80.42,"text":"The 2021 deal took the form of a five-year accord, but neither side reimposed the tariffs this past summer. The EU had referred to the truce as “indefinitely extended” as part of the broader trade deal to avert the highest levels of Trump’s tariffs."}],[{"start":94.6,"text":"But the June EIB loan, the largest in the lender’s history, added to a growing list of gripes about the EU from US trade officials, who are angry with European efforts to tax and regulate technology companies, as well as its corporate sustainability and supply chain regulations."}],[{"start":110.66,"text":"Airbus said the EIB loan was a “standard corporate financing facility” that was “necessary to manage the complexity of a high-value global production system and supply chain”."}],[{"start":121.12,"text":"“We are actively engaging with the relevant authorities and are happy to share more information about the loan with governments,” it said in a statement."}],[{"start":128.56,"text":"Brussels is keen to tamp down trade tensions while diversifying its supply chains and also wants to keep the US engaged in Ukraine."}],[{"start":137.475,"text":"The US and EU had reached a deal in Turnberry, Scotland, last year to avert the worst levels of Trump’s so-called liberation day tariffs."}],[{"start":145.12,"text":"Following the US Supreme Court ruling against most of Trump’s tariffs earlier this year, duties on the majority of EU goods have remained at 10 per cent, although cars and car parts have been hit with a 15 per cent levy, and steel and aluminium with 50 per cent."}],[{"start":160.6,"text":"Still, the trade truce is delicate, especially as European policymakers are seeking to reduce their dependence on American technology amid concerns about the unpredictability of Trump."}],[{"start":171.641,"text":"The US ambassador to the EU warned earlier this month that European companies could face “devastating” retaliation from Washington if Brussels pressed ahead with plans to restrict American rivals, such as Elon Musk’s SpaceX, from parts of the European market."}],[{"start":186.24,"text":"The EU is also being investigated as part of the USTR’s ongoing probe into industrial overcapacity, which is expected to lead to steep levies."}],[{"start":195,"text":"The tariffs on a range of countries were anticipated to be released earlier this year but have not yet been released."}],[{"start":205.68,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1793072663_9762.mp3"}