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The European Union will start imposing tariffs on $4 billion worth of US imports from Tuesday following the World Trade Organization’s ruling on subsidies for Boeing,  EU Trade Commissioner Valdis Dombrovskis announced on Monday, per Reuters.

Additionally, Dombrovskis called on the US to drop the existing trade measures.

Market reaction

This development doesn’t seem to be having an impact on market sentiment as risk flows continue to dominate the markets on coronavirus vaccine optimism. As of writing, the Euro Stoxx 50 Index was up 6.3% on the day and Germany’s DAX 30 was gaining 5.7%.

Breaking: Pfizer says covid vaccine 90% effective, markets jump, dollar falls.