SME Times is powered by   
Search News
Just in:   • Healthy Monsoon forecast, global cues pushes equities higher  • ECLGS 2.0 now covers SMA-1 borrowers  • Forex reserves up by over $4 bn  • Honda Cars India to recall 77,954 units  • Industrial activity to continue despite surge: Haryana CM 
Last updated: 05 Mar, 2021  

UK.9.Thmb.jpg US, UK announce tariff suspension in aircraft subsidy dispute

UK.9.jpg
   Top Stories
» ECLGS 2.0 now covers SMA-1 borrowers
» Forex reserves up by over $4 bn
» Industry seeks reimposition of bankruptcy moratorium
» 'Govt should regulate cryptocurrencies, not ban them'
» Startups new champions of Aatmanirbhar Bharat: Goyal
IANS | 05 Mar, 2021
The US and the UK have announced a four-month tariff suspension in an attempt to reach a negotiated solution to the longstanding trade conflict over aircraft subsidies.

Washington will suspend retaliatory tariffs against British goods beginning March 4, according to a joint statement released on Thursday night by the Office of the US Trade Representative.

"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 statement said.

The move follows the UK's unilateral decision to suspend retaliatory tariffs against US goods from January 1.

Washington started to impose additional tariffs on a wide range of European products worth $7.5 billion in October 2019, after the World Trade Organization (WTO) ruled that Europe provided illegal subsidies to Airbus.

Following a similar WTO decision on subsidies to Boeing, the European Union (EU) slapped additional tariffs on American products worth $4 billion in November 2020.

While the UK ended its membership of the EU on January 31, 2020, it had followed the bloc's trade rules during a transition period that expired at the end of 2020.

Starting January 1, 2021, the UK officially left the EU Single Market and Customs Union, as well as all EU policies and international agreements.

The aircraft subsidy dispute has dragged on for 16 years.

In 2004, the US filed a case with the WTO, accusing the EU of providing illegal subsidies to Airbus in various forms.

The EU has since filed a similar case over allegedly illegal US subsidies to Boeing.

The WTO has ruled that both the US and the EU have provided illegal subsidies to their respective manufacturers.
 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 17 Apr, 2021
  Daily Poll
COVID-19 has directly affected your business
 Yes
 No
 Can't say
  Commented Stories
» Covid second wave: Lockdown or no lockdown(2)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter