LONDON (Reuters) -Britain will suspend retaliatory tariffs imposed on U.S. goods as part of a dispute over aircraft subsidies from Jan 1, the trade department said, describing the move as an attempt to de-escalate a damaging international trade conflict.
The decision marks the start of Britain’s divergence from European Union (E.U.) trade policy, coming into effect on the day its exit from the bloc’s rules and regulations is complete, and signals an ambition to forge closer ties with the United States.
The multi-billion dollar tit-for-tat tariff battle between the United States and the European Union relates to a long-running row over state subsidies for aircraft manufacturers Airbus and Boeing.
Although Britain formally left the E.U. in January, under the terms of an 11-month transitional exit arrangement it joined the EU in applying tariffs on $4 billion of U.S. goods in November.
The measures were authorised by the World Trade Organisation (WTO) following a 2019 World Trade Organisation (WTO) decision to approve U.S. tariffs on $7.5 billion of E.U. goods.
However, Britain said it would suspend its tariffs to try to persuade the United States to reach a settlement, albeit with a warning that they could re-impose them “if satisfactory progress towards an agreeable settlement is not made”.
The Distilled Spirits Council of the United States applauded Britain’s decision and urged Washington to seize the chance to work with Britain to resolve both the aircraft subsidy dispute and move to end steel and aluminum tariffs.
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