The EU and the U.S. have agreed to suspend tariffs related to the aircraft dispute, including those applied to a range of specialty products, for four months. This comes after the U.S. announced a similar suspension with the UK. It will become effective as soon as internal procedures on both sides are completed.
According to a joint statement released by the Office of the United States Trade Representative, “This will allow the EU and the US to ease the burden on their industries and workers and focus efforts towards resolving these long running disputes at the WTO.”
The statement continued, “The EU and the US are committed to reach a comprehensive and durable negotiated solution to the aircraft disputes. Key elements of a negotiated solution will include disciplines on future support in this sector, outstanding support measures, monitoring and enforcement, and addressing the trade distortive practices of and challenges posed by new entrants to the sector from non-market economies, such as China.”
Related: US, UK Pause Aircraft-Related Tariffs; Regulatory Movement Amid the Pandemic.