US-StrafzölleFWI welcomes suspension of punitive tariffs on German tools for 5 years
On June 15, 2021, the EU Commission and the US Trade Representative agreed on concrete steps to resolve the 17-year-old dispute over illegal subsidies for the aircraft manufacturers Airbus and Boeing. In particular, the agreement provides for the suspension of the mutual punitive tariffs imposed in the course of the WTO proceedings for 5 years.
The Association of German Tool Manufacturers welcomes the suspension of punitive tariffs, as the German tool industry in particular was affected by surcharges of 25% on individual products when exporting to the USA. In this context, it is important to settle the dispute over aircraft subsidies on a permanent basis so that non-involved companies are not again hit by punitive tariffs. As early as March 2021, the Association of German Tool Manufacturers, together with other affected associations, called for a permanent solution to the subsidy dispute and the abolition of punitive tariffs in a joint petition.
For more information on the US-EU deal and the suspension of punitive tariffs, please visit the European Commission's website.