On 15 June 2021, the United States (US) Trade Representative (USTR) and European Union (EU), in a joint statement, announced a cooperative framework to address the 17-year large civil aircraft dispute. The statement pronounced that both sides would suspend all existing punitive tariffs imposed in relation to the large civil aircraft subsidies for a period of five years.1
The five-year suspension follows a joint announcement in March 2021 to postpone punitive measures for four months, which was designed to provide additional time for ongoing negotiations and set to expire on 11 July 2021. The new agreement for the five-year suspension will now go into effect on 11 July 2021 and will relieve punitive tariffs of 15 to 25% levied under Section 301 of the Trade Act of 1974 (Section 301) on EU-origin products.
Source EY
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