On Tuesday 15th June, the EU and the US agreed a five-year truce in the long-running Boeing-Airbus dispute which had resulted in tariffs of up to 25% on exports of key luxury goods.
The suspension of the tariffs, imposed by the WTO, is a welcome breakthrough as both sides work towards a more permanent solution and follows a four-month suspension agreed by the two sides in March to create a window for negotiations.
In the UK, these tariffs have had a punitive and disproportionate impact on Scottish whiskies, cashmeres, suiting and other important British luxury exports, and Walpole has long argued that British luxury should not be the collateral damage in a trade war about aeroplane parts. The Scotch Whisky Association had previously reported a fall in all types of whisky exports to the US of around £200 million as a result of the tariffs.
US Trade Representative (USTR) Katherine Tai meets with Liz Truss, Secretary of State for International Trade, today, and we look forward to a similar suspension of tariffs ensuing from their discussions. Please click below to read the FINAL Understanding on Principles relating to Large Civil Aircraft published by the USTR.
PLEASE CONTACT CHARLOTTE KEESING OR TANIA PEARSON FOR MORE.
