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An exhibitor pours a glass of red wine during the Vinexpo at Javits Center in New York City. Photo: Angela Weiss/AFP via Getty Images

The Biden administration says it will keep tariffs on some European wine, cheese and other food products, despite lobbying efforts by industry groups that argue the levies harm U.S. businesses.

The big picture: In a filing Friday, the Office of the U.S. Trade Representative said it "is unnecessary at this time to revise" the tariffs. The U.S. imposed the tariffs as part of a 17-year dispute over European subsidies for Boeing rival Airbus.

  • "Under the Trump administration, the dispute turned into a tariff fight that snared food and beverage industries unrelated to aircraft manufacturing. Washington imposed tariffs on $7.5 billion worth of European wine and food items like cheese and olives in late 2019," the Wall Street Journal reported.
  • "The European Union hit back with levies on U.S. whiskey, nuts and tobacco valued around $4.5 billion. The U.S. stepped up the sanctions on Dec. 31 with additional tariffs, placing virtually all wine imports from France and Germany under its 25% tariff," the WSJ added.

Go deeper

Biden pledges to double U.S. climate funding to developing nations

U.S. President Joe Biden addresses the 76th Session of the U.N. General Assembly on September 21, 2021. (Eduardo Munoz-Pool/Getty Images)

Staring down a "borderless climate crisis," President Biden told the UN General Assembly on Tuesday that the U.S. will double public financial assistance to developing countries, including money to help them adapt to present-day climate impacts.

Why it matters: The failure of industrialized nations to fulfill a 2009 pledge to devote $100 billion annually to developing countries is a major impediment to a successful UN Climate Summit in Glasgow, which starts next month.

Dan Primack, author of Pro Rata
1 hour ago - Economy & Business

IPO market holds firm amid stock market tumult

Illustration: Aïda Amer/Axios

The IPO market is doing its best Alfred E. Neuman impression so far this week, refusing to entertain everyone else's worries.

The big picture: Both the Dow and S&P 500 fell nearly 2% yesterday, as investors tried to measure the fallout of Chinese construction giant Evergrande defaulting on its $300 billion in liabilities.

3 hours ago - World

Sudanese government says it put down coup attempt

Prime Minister Abdullah Hamdok (L) and Sovereign Council Chief Gen. Abdel Fattah al-Burhan. Photo: Ashraf Shazly/AFP via Getty

The Sudanese government announced on Tuesday morning that its military and security services had foiled an attempted coup from within the country’s armed forces.

Why it matters: The apparent coup attempt comes with Sudan’s transitional government — in which power is shared between civilians and generals — facing crises on several fronts two years after dictator Omar al-Bashir was toppled in a popular uprising.