The European Union has announced on March 5 that it will drop its tariffs on U.S. exports on the Boeing retaliation list. Likewise, the U.S. will suspend its Section 301 tariffs on EU products under the Airbus dispute. These products include wine, liquor, and food. The suspension began immediately and will last for four months.
The U.K. already suspended its tariffs on American products over Boeing subsidies on Jan. 1, saying they will keep the tariffs off for four months.
“The suspension will cover all tariffs both on aircraft as well as on non-aircraft products, and will become effective as soon as the internal procedures on both sides are completed,” the U.S. and U.K. said in a joint statement. ‘This will allow the EU and the U.S. to ease the burden on their industries and workers and focus efforts towards resolving these long running disputes at the WTO,” they continued.
“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,” they concluded.
For further questions, please contact your Mohawk Global representative.