Is America still a serious nation?
Consider. While U.S. elites were denouncing Donald Trump as unfit to serve for having compared Miss Universe 1996 to “Miss Piggy” of “The Muppets,” the World Trade Organization was validating the principal plank of his platform.
America’s allies are cheating and robbing her blind on trade.
According to the WTO, Britain, France, Spain, Germany and the EU pumped $22 billion in illegal subsidies into Airbus to swindle Boeing out of the sale of 375 commercial jets.
Subsidies to the A320 caused lost sales of 271 Boeing 737s, writes journalist Alan Boyle. Subsidies for planes in the twin-aisle market cost the sale of 50 Boeing 767s, 777s and 787s. And subsidies to the A380 cost Boeing the sale of 54 747s.These represent crippling losses for Boeing, a crown jewel of U.S. manufacturing and a critical component of our national defense.
Earlier, writes Boyle, the WTO ruled that, “without the subsidies, Airbus would not have existed … and there would be no Airbus aircraft on the market.”
In “The Great Betrayal” in 1998, I noted that in its first 25 years the socialist cartel called Airbus Industrie “sold 770 planes to 102 airlines but did not make a penny of profit.”
Read the entire article