US suspends retaliatory tariffs on UK exports

Published 2021년 3월 9일

Tridge summary

A recent development sees the UK, EU, and US reaching a temporary agreement to suspend the higher tariffs imposed since October 2019 due to the AirBus-Boeing dispute. These tariffs, set at 25%, affected a broad spectrum of agricultural and non-agricultural goods, significantly impacting the UK's agricultural sector by increasing the cost of pork and dairy exports to the US. The suspension of these tariffs comes as a relief to the UK, which experienced a decline in cheese and pork exports to the US in 2020, with cheese exports falling by 30% and pork exports dropping by 60% compared to the pre-tariff periods. This agreement is anticipated to help stabilize the export markets for these products.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

By Patty Clayton An agreement has been reached between the UK, the EU and the US to temporarily suspend the higher rate of tariffs imposed on a variety of products as a result of the longstanding AirBus-Boeing dispute. Higher rate tariffs were imposed from October 2019 at a rate of 25% on the value of the product, and affected a range of agricultural and non-agricultural goods. In terms of the UK agricultural sector, the products impacted most included pork and dairy. At time that tariffs were imposed, the UK shipped just over 7,700 tonnes of cheese to the US, virtually all of which was subject to the increased tariff. These volumes were only a small proportion of the UK’s total cheese exports. However, exports to the US were typically of higher value, as this is a key export market for organic cheese. In addition, 230 tonnes of butter were exported in 2018, but they had been increasing through 2019. For pork, the US reported receiving about 11,200 tonnes of frozen product from ...

Source: Ahdb