EU Willing To Work With US’s Biden Administration For Settling Trade Spats

The move by the new government of the United States under president Joe Biden to not impose additional tariffs on goods from the European Union as a part of the -running dispute over aircraft tariffs was acknowledged by the EU on Thursday.

The EU also expressed its willingness and eagerness to work with the new administration to settle all trade related disputes.

The US government had agreed with members of the US industry about the unnecessary move of revising the existing tariffs on European goods at the current time and thereby refrained from making any changes to the tariffs which were possible as a part of a periodic review of the tariffs, the US Trade Representative’s office said on Thursday.

A day prior to making this announcement, the USTR had said that it looked forward to closely cooperate with its European allies to end the 16-year-long battle over subsidies provided to the US based aircraft maker Boeing and the European plane maker Airbus.

“The EU is ready to engage with the new U.S. administration on the basis of the EU-US agenda for global change we adopted on December 2. Our aim is to find solutions to our ongoing trade disputes, including on Airbus/Boeing,” said an EU spokesman said when asked about the US decision on Thursday about the tariffs.

Both the sides could have more time at hand to work out a solution to the trade disputes, said the American Italian Food Coalition, which is a body that represents more than 450 Italian companies, manufacturers and trade groups.

“The Biden Administration appropriately hit the pause button on another carousel round of tariffs,” it said.

There is also a keenness among the officials from the EU and Britain to strike out a deal with the new administration of the US President Joe Biden. However the talks are still in limbo until Biden’s pick as top trade negotiator, Katherine Tai, is confirmed in her job by the US Senate. But with a Biden’s pick as top trade negotiator, Katherine Tai, that move could take a number of weeks.

Their willingness to resolve the aircraft subsidies dispute were expressed by the envoys from Britain and the European Union on Monday.

In order to allow for negotiations, a six-month suspension of tariffs on both sides has been proposed by Brussels, said the EU Ambassador Stavros Lambrinidis.

As a goodwill gesture, Britain is also willing to lift tariffs on US goods imported into the country even potentially unilaterally, said Britain which is no longer a part of the EUbut is still a member of the Airbus consortium.

(Adapted from Investing.com)



Categories: Economy & Finance, Geopolitics, Regulations & Legal, Strategy, Sustainability

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