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New! 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.
The U.S. tariffs had been temporarily suspended starting March 4, 2021 for UK goods and March 11, 2021 for EU goods. The UK tariffs on had been temporarily suspended as of January 1, 2021.
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 original tariffs were effective October 18, 2019, and modified in December 2020 (effective January 12, 2021), on August 12, 2020 (effective September 1, 2020) and in February 2020 (effective March 5, 2020). In February 2020. the tariff on new aircraft from France, Germany, Spain and the United Kingdom was increased to 15 percent beginning March 18, 2020. It was previously 10 percent.
Prior to the tariff suspension, the EU was imposing higher tariffs on $4 billion worth of products from the U.S., effective November 10, 2020.
These tariffs come after a World Trade Organization arbitrator determined that the U.S. may 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. Then, on October 13, 2020 the WTO ruled that the EU may 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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