The United States Trade Representative (USTR) on July 9 announced that it has suspended for five years the tariffs imposed on certain goods imported from the European Union and the United Kingdom following the USTR’s Section 301 investigation involving the enforcement of US rights in the World Trade Organization (WTO) dispute involving large civil aircraft.
The suspended tariffs cover both aircraft and non-aircraft goods. The suspended EU tariffs on US goods include 25% tariffs on a wide variety of US-origin products, including frozen fish;fresh cheese; sweet potatoes; fresh fruit; vanilla; nuts; vegetable fats and oils; cocoa and chocolate; tobacco, luggage, handbags, and other cases; tractors; gaming equipment and tables for casino games; and exercise equipment.
The suspended US tariffs on EU and UK products include additional 25% tariffs on kitchen knives from France and Germany; dairy products, fruits, and seafoods from all EU countries; wine from France, Germany, Spain, and the United Kingdom; clothing from the United Kingdom; and both hand and electric tools from Germany.
The tariff suspension follows the United States on June 15 and June 17 reaching understandings on cooperative frameworks with the EU and the UK, respectively, regarding the large-civil-aircraft dispute.
The five-year suspension period began on July 4 with respect to tariffs on UK goods and July 11 with respect to tariffs on goods imported from EU member states.
Source PwC
