The World Trade Organization (WTO) on Tuesday ruled aerospace company Boeing benefitted from illegal US subsidies, a win for the European Union that opens the door to potentially $700 million (€596 million) in retaliatory trade penalties against some of the most important seafood exports to the bloc -- most notably Alaska pollock.

The WTO ruling, the result of a 16-year fight, claims US products are now liable for EU countermeasures including suspension of tariff concessions.

The EU released a list of seafood products potentially facing additional tariffs, which account for hundreds of millions of dollars worth of seafood products.