The World Trade Organization said Wednesday that the U.S. can apply tariffs on $7.5 billion worth of European made goods after an earlier ruling that Boeing (BA - Get Report) rival Airbus (EADSY) had received unfair subsides from Brussels.

U.S. officials are said to be drawing up a list of potential tariff targets from a broader baskets of $25 billion worth of goods, which include everything from airplane parts to imported French wines.

The WTO ruling, made in March of this year, also deemed tax breaks for Boeing in the state of Washington were also unfair, and will issue a remedy in that case sometime early next year, In the meantime, EU officials warned the U.S. that if it "decides to impose WTO authorized countermeasures, it will be pushing the EU into a situation where we will have no other option than do the same."

"If the United States Trade Representative chooses to impose tariffs on the importation of aircraft and/or aircraft components, this will create insecurity and disruption not only to the aerospace industry, but also to the broader global economy," Airbus said in a statement following the WTO decision.

Boeing shares were marked 1.5% lower on Wall Street at $369.24 each, a slide that was largely in-line with a 1.14% pullback for the Dow Jones Industrial Average. Airbus shares, meanwhile, pared earlier declines in Paris to gain 0.22% heading into the close of trading.

The WTO's Disputes panel is slated to meet on October 28 to formally endorse the body's broader decision, but U.S. officials could see a faster time-frame that could bring the approval to October 10.