EU and U.S. agree to suspend all tariffs linked to the Airbus and Boeing disputes

8 Mar 2021 11:54 AM

The EU and U.S. recently (05 March 2021) agreed to suspend all retaliatory tariffs on EU and U.S. exports imposed in the Airbus and Boeing disputes for a four-month period. The suspension allows both sides to focus on resolving this long-running dispute. It provides an important boost to EU exporters, since the U.S. had been authorised to raise tariffs on $7.5 billion of EU exports to the U.S. Similarly, EU tariffs will be suspended on some $4 billion worth of U.S. exports into the EU.

European Commission Executive Vice-President and Trade Commissioner Valdis Dombrovskis recently said:

“This is a significant step forward. It marks a reset in our relationship with our biggest and economically most important partner. Removing these tariffs is a win-win for both sides, at a time when the pandemic is hurting our workers and our economies. This suspension will help restore confidence and trust, and therefore give us the space to come to a comprehensive and long-lasting negotiated solution. A positive EU-U.S. trade relationship is important not only to the two sides but to global trade at large.”

These tariffs will now be suspended on both sides for a four-month period, as soon as internal procedures on both sides are completed.

Click here for the full press release