After the European Union, Great Britain also reached an agreement with the USA in a long-running dispute over subsidies for aircraft manufacturers Airbus and Boeing. The UK’s Department for International Trade announced on Thursday (17 June) that the two sides will waive punitive tariffs for five years. Until now, Scotch whiskey was affected when it was delivered to the United States.
Two days ago, the European Union and the United States committed to waive punitive tariffs by 2026. This defused the conflict over aircraft manufacturers Airbus and Boeing.
Since Brexit, Great Britain has had to make agreements with its trading partners independently of the European Union. Airbus also has various locations in Great Britain.
The European Union and the United States accuse each other of paying billions in illegal subsidies to plane makers Airbus and Boeing. The two companies responded with relief to the agreement reached on Tuesday.
Under Biden’s predecessor Donald Trump, the United States received permission from the World Trade Organization (WTO) to impose punitive tariffs on $7.5 billion worth of European goods and services, including 25% on liquor and spirits and 15% on Airbus planes. A year later, Brussels also won World Trade Organization approval to impose punitive duties on $4 billion worth of US imports.