 The World Trade Organization has determined that Europe illegally subsidized Airbus. LUKAS SCHULZE/AFP/Getty Images By Jim Tankersley The World Trade Organization ruled Thursday that the European Union and several of its members failed to end illegal subsidies for airline giant Airbus, a victory for the United States in what has become the most expensive dispute in international trade history. Those subsidies, which the WTO had ordered European nations to halt in 2011, total $22 billion over more than a decade. They have cost the U.S. economy tens of billions of dollars in would-be exports. They have cost Chicago-based Boeing, America's largest manufacturer of commercial aircraft, nearly 400 potential aircraft sales and market share around the world in 2012 and 2013 alone, according to the WTO. The WTO, the body that governs international trade, is still weighing a counter-complaint from Europe, over whether the United States has illegally subsidized Boeing. Thursday's ruling carries no punishment, and the Europeans could appeal. But it appears to set the stage for the United States to begin considering retaliation against Europe in the airline market, possibly with tariffs. Read the rest on Wonkblog.
Chart of the day Trump's proposals to reduce taxes could force the government to borrow more, which would increase the trade deficit. Max Ehrenfreund has more. 
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