US, UK suspend retaliatory tariffs for four months

Source: The Hill | March 4, 2021 | Niv Elis

The U.S. and United Kingdom have agreed to suspend some retaliatory tariffs regarding a long-standing Boeing and Airbus dispute for four months, effective Thursday.

“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,” the nations said in a joint statement.

The move is among the first major actions the Biden administration has taken to ease the aggressive trade wars President Trump pursued in office.

It will lift tariffs on a variety of foods and spirits, including Scotch whisky, imposed as punishment by the countries over subsidies to their major aerospace manufacturers.

The tariffs suspension will not include the European Union, which the U.K. left in January, and tariffs on U.S. whiskey related to a separate trade dispute will remain in place.

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