The United States and the United Kingdom have suspended additional import duties on each other’s products for at least four months. Meanwhile, the British government has said a final settlement is under negotiation. London unilaterally canceled surcharges on some US products in January to ease trade tensions.
It is about the 17-year conflict between the United States and the European Union. Washington has accused European countries of favoring Airbus with loans. The EU, for its part, believes Boeing favored favorable tax rules. In response to this controversy, additional trade fees were imposed on both sides. These were again approved by the World Trade Organization.
Additional taxes were levied on British products, but the country was no longer a member of the European Union. Now that Brexit is a fact, London can pursue its own trade policy.
Last month it was announced that the government of US President Joe Biden would review the policy on import tariffs on products from the European Union. Many EU member states want to strengthen ties with the United States with Biden’s arrival. It should also put an end to the problems caused by the taxes imposed by former President Donald Trump.