UK to Suspend Some Tariffs on US to Ease Trade Tensions

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Stating its stance as a post-Brexit independent trading nation, the UK government announced a new two-pronged approach toward setting tariffs on the steel, aluminium, and the aerospace industry. The UK intends to halt tariffs imposed by the EU on $4 billion of U.S. goods from Jan. 1. These tariffs were linked to the long-term dispute over illegal subsidies to the world’s two largest aircraft manufacturers, Boeing Co. and Airbus SE. The initiative aims to strengthen the UK’s trading relationship with the United States. “The UK is serious about ending a dispute that benefits neither country,” International Trade Secretary Liz Truss said in the statement. The trade dispute started in 2004 when the United States and the EU claimed each other’s aeroplane manufacturers were unfairly subsidised. In October 2020, the World Trade Organization (WTO) allowed the EU to raise tariffs on up to $4 billion worth of imports from the United States, ...

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