EU and US agree on suspension of punititive tariffs until June 2021
On 5 March 2021, US President Biden and EU Commission President von der Leyen agreed on a four-month suspension of the punitive tariffs imposed by the US since October 2019. German manufacturers of hand tools (e.g. axes, axes, pliers, pliers, screwdrivers) are affected by the penalty duties of 25 %. The suspension of punitive duties will take place as soon as internal processes have been completed on both sides of the Atlantic.
The FWI welcomes the suspension of tariffs and hopes for a definitive solution to the dispute over inadmissible subsidies to aircraft manufacturers Airbus and Boeing, which has been simmering for years, during the four-month moratorium. In recent months, numerous manufacturers of hand tools from Germany have been struggling to sell their products in the USA.
It has since been officially announced that the suspension of the punitive duties will take effect on the US side from 12 p.m. (EST) on 11 March 2021.
The FWI Position Paper on US punitive tariffs from June 2020 can be found here.