US to suspend retaliatory tariffs on various UK goods, jointly de-escalate Boeing and Airbus subsidies dispute

An employee with whisky casks in the bonded warehouse at The Glenturret Distillery in Crieff, central Scotland. The US tariffs suspension will freeze a 25% surcharge on Scotch whisky. – AFPPIXBritain and the United States said on Thursday they had agreed that Washington will temporarily suspend retaliatory tariffs on various UK goods and jointly de-escalate the longstanding fight over Boeing and Airbus subsidies.

The agreement follows Britain’s unilateral decision to suspend its retaliatory tariffs against the United States from January, which it said was “a show of good faith” to prevent more duties and allow for talks. Britain's departure from the European Union's trading regime at the start of this year allowed the country to strike the bilateral agreement with Washington.

The trans-Atlantic trade feud saw US duties put on a record US$7.5 billion in European goods authorised by the World Trade Organization. “It has been a really tough period for us with Covid, US tariffs and Brexit as well,“ John Laurie, managing director of Scotland’s oldest whisky maker, The Glenturret, told AFP last week.

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