The U.S. and European Union (EU) announced a suspension of retaliatory duties aimed at reaching a negotiated solution in the dual civil aircraft disputes, this following the same announcement from the U.S. and UK March 4.
“The European Union and the United States today agreed on the mutual suspension for four months of the tariffs related to the World Trade Organization (WTO) Aircraft disputes,” a joint statement from U.S. and EU trade officials read. “The suspension will cover all tariffs both on aircraft as well as on non-aircraft products and will become effective as soon as the internal procedures on both sides are completed.”
Under the suspension, the U.S. and EU are seeking to “to ease the burden on their industries and workers and focus efforts towards resolving these long running disputes at the WTO,” the statement said.
The move means $7.5 billion in U.S. tariffs on EU goods and $4 billion in tariffs levied by the EU on U.S. goods will be lifted for at least four months, including many ag products like spirits, cheeses, and pork.
However, USDA Secretary Tom Vilsack said Friday that if the U.S. and EU are to rekindle talks towards a trade deal they must include agricultural goods.