The Office of the United States Trade Representative (USTR) today released a statement reflecting that representatives of the governments of the United States and the United Kingdom (UK) have agreed to suspend, for five years, tariff countermeasures in the large civil aircraft dispute.
The effective date will be July 4, 2021.
As noted in the USTR release, the agreement framework provides that the United States and the UK intend to continue their work and not to impose tariffs related to this dispute for five years.
- Tariffs related to this dispute will not be imposed for a five-year period.
- A working group will be established to analyze and overcome any disagreements that may arise.
- The United States and the UK agreed to clear statements on acceptable support for large civil aircraft producers, including a shared intent that any financing of the production or development of large civil aircraft be on market terms.
- The countries will address China’s ambitions to build a sector upon non-market practices.
Source KPMG
