Trump’s Trade Chief Questions the EU Tariff Truce After Airbus’s “Record-Breaking” Loan ©Official White House Photo via Canva Key Takeaways
US Trade Representative Jamieson Greer says a €3 billion European Investment Bank loan to Airbus, the bank’s largest corporate loan ever, could break the US-EU truce on aircraft tariffs.
Greer wants details on the loan but makes no threat to bring back duties, so any gain for Boeing from a new trade fight is a guess for now.
Boeing has more than $45 billion of debt and has burned cash in three of the past five years, while Airbus is borrowing from a public bank through 2030.
Boeing’s bigger problem is its own 737 ramp: 52 jets a month has slipped to the back half of 2027, and October deliveries are the next thing to watch.
Boeing (BA:NYSE) had an ugly Tuesday. Shares fell nearly 11%, their worst day since June 2020, after the company pushed its next 737 production step into the back half of 2027.
The night before, Washington took up an old fight on Boeing’s behalf. US Trade Representative Jamieson Greer put out a statement questioning the tariff truce with the EU after what his office called a “record-breaking” loan to Airbus.
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What Greer is upset about
On June 29, the European Investment Bank, the EU’s own lender, approved a €3 billion package for Airbus. That’s the largest corporate loan it has ever authorized, and Airbus signed the first €1 billion that day. The money pays for Airbus research in France, Germany and Spain through 2030.
The timing is what stings. Days earlier, EU member states had voted to keep their retaliatory tariffs in the Airbus-Boeing dispute on hold. Greer didn’t hold back:
“For decades, France, Germany, and Spain have aggressively supported Airbus, their national champion aircraft manufacturer, to gain an unfair advantage over U.S. aerospace workers and businesses.”
The US paused the duties it won at the WTO in exchange for a promise from both sides to finance planemakers on market terms. Airbus CFO Thomas Toepfer, meanwhile, praised the loan’s “highly competitive terms.” And Greer says that “despite ongoing requests, USTR still has no details about this loan.”
Still, the statement makes no threat. Greer wants the matter “resolved as soon as possible,” with no deadline and no list of duties. Until USTR spells out what it will do, any gain for Boeing is a guess.