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On June 15, 2021, the U.S. and EU announced that these tariffs are suspended for five years while they cooperate to address the dispute. A Working Group will be established that seeks to analyze and overcome any disagreeents. Full details can be found here.
Prior to the suspension, the U.S. was imposing additional tariffs of 25 percent on more than 150 products imported from European Union countries, as well as levying an additional tariff on new aircraft from France, Germany, Spain and the United Kingdom. The EU was imposing tariffs on $4 billion worth of products from the U.S.
The tariffs came after a World Trade Organization arbitrator determined that the U.S. could impose up to $7.5 billion annually in countermeasures against the EU due to its failure to fully comply with a previous WTO ruling against subsidies it provided to aircraft manufacturer Airbus and a ruling that the EU could impose retaliatory measures against up to $3.99 billion worth of US goods.
Importers with tariffed goods due to this dispute should consider taking proactive measures to mitigate the impact of the tariff increase.
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