Connect with us

Hi, what are you looking for?

Stock

US, EU agree tariff freeze in aircraft dispute, eye China

Stock Markets53 minutes ago (Mar 05, 2021 02:20PM ET)

(C) Reuters. European leaders’ and NATO Secretary General Jens Stoltenberg video conference on security and defence and on the EU’s Southern Neighborhood in Brussels

By Philip Blenkinsop and David Lawder

BRUSSELS/WASHINGTON (Reuters) – The European Union and the United States agreed on Friday to suspend tariffs imposed on billions of dollars of imports in a 16-year-old dispute over aircraft subsidies and said any solution would need to focus on China.

The two sides said in a joint statement that the four-month suspension would cover all U.S. tariffs on $7.5 billion of EU imports and all EU duties on $4 billion of U.S. products, which resulted from long-running World Trade Organization cases over subsidies for planemakers Airbus and Boeing (NYSE:BA).

It would ease the burden on industry and workers and focus efforts on resolving the conflict, the statement said.

Key elements of a solution would include outstanding and future support measures, monitoring and enforcement, and “addressing the trade distortive practices of and challenges posed by new entrants from non-market economies, such as China”.

The suspension followed a telephone call between U.S. President Joe Biden and European Commission President Ursula von der Leyen.

The White House said Biden had underscored his support for the European Union and his commitment to repair and revitalise the U.S.-EU partnership.

Von der Leyen described the accord as excellent news for businesses and industries on both sides of the Atlantic, and a very positive signal for economic cooperation in the years to come.

EU trade chief Valdis Dombrovskis hailed a reset in the EU’s relationship with its biggest and economically most important partner.

“Removing these tariffs is a win-win for both sides, at a time when the pandemic is hurting our workers and our economies,” he said.

The U.S. tariffs cover EU planes and plane parts, wine and jam from France and Germany, Spanish olives, Germany coffee, screwdrivers and other tools, and liqueurs, cheese and pork from across the European Union.

EU tariff targets also include U.S. planes and parts, along with tobacco, nuts, sweet potatoes, rum, vodka, gym equipment, casino tables, tractors and machines used in construction known as shovel-loaders.

The Distilled Spirits Council of the United States said the tariff suspension was a “promising breakthrough” at a critical time for the hospitality industry.

“Lifting this tariff burden will support the recovery of restaurants, bars and small craft distilleries…that were forced to shut down their businesses during the pandemic,” it said.

Friday’s agreement between Brussels and Washington mirrors the four-month tariff suspension agreed on Thursday by the United States and Britain.

Biden and von der Leyen also discussed the COVID-19 pandemic, tackling climate change and strengthening democracy during their call, as well as China, Russia, Belarus, Ukraine, and the Western Balkans.

US, EU agree tariff freeze in aircraft dispute, eye China

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Uncategorized

Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt.

Uncategorized

Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione.

Uncategorized

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum.

Uncategorized

At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores.

Disclaimer: Buzzclever.com it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial or health advice. Copyright © 2021 Buzz Clever. All Rights Reserved