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The office of the USTR has released a joint statement with the UK announcing a four-month suspension of tariffs in relation to the long-running Airbus/Boeing dispute between the US and EU.

  • Link: https://ustr.gov/about-us/policy-offices/press-off...
  • "The United Kingdom ceased applying retaliatory tariffs in the Boeing dispute from January 1, 2021 to de-escalate the issue and create space for a negotiated settlement to the Airbus and Boeing disputes. The United States will now suspend retaliatory tariffs in the Airbus dispute from March 4, 2021, for four months. This will allow time to focus on negotiating a balanced settlement to the disputes, and begin seriously addressing the challenges posed by new entrants to the civil aviation market from non-market economies, such as China. This will benefit a wide range of industries on both sides of the Atlantic, and allow for focused settlement negotiations to ensure that our aerospace industries can finally see a resolution and focus on COVID recovery and other shared goals."
  • The rollback of tariffs will provide benefit to products such as scotch whisky, cheese, pork, cashmere and machinery. The 25% tariff on scotch whisky was a particularly significant political and economic issue in Scotland and the UK gov't has been swift to claim the credit.