U.S. Suspends Some Tariffs on U.K. Goods
While it won’t have a large effect on farmers immediately, the Biden Administration is suspending some tariffs on goods from the United Kingdom.
No longer a member of the European Union, the United Kingdom said in December that it will suspend tariffs on the U.S. tied to the World Trade Organization ruling against Boeing Airline subsidies.
It was a move that trade experts say was a goodwill gesture and a sign that the British government is hoping to resume negotiations on a free trade agreement now that the Biden Administration has taken power.
“The United States will now suspend retaliatory tariffs in the Airbus dispute for the next four months,” the Office of the U.S. Trade Representative says in a statement.
“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 like China.”
Aviation Week Dot Com says the U.S. move shows the Biden Administration followed through on campaign promises to build a coalition of allies that will confront China on trade together.
China still maintains billions of dollars’ worth of duties on imports of U.S. agricultural commodities.
(Story Courtesy of the NAFB News Service)