ARLINGTON, VIRGINIA, US — On June 16, the EU and United States agreed to end their trade dispute concerning aircraft carrier tariffs. The UK and United States furthered the resolution with a five-year moratorium on retaliatory tariffs for large civil aircraft subsidies.
Similar to the deal struck between the EU and the United States, it suspends the retaliatory tariffs levied on non-durum US wheat imports by the UK.
According to the US Wheat Associates (USW) and the National Association of Wheat Growers (NAWG), the dispute allowed the UK and EU the right to impose tariffs on non-durum US wheat imports, which mainly impacted US hard red spring and some hard red winter wheat.
“The wheat industry is thankful for President Biden and Ambassador Tai’s commitment to prioritize the trade relationships between the United States, European Union, and now the United Kingdom,” said Chandler Goule, chief executive officer of NAWG. “The five-year truce announced on Tuesday with the EU and yesterday with the UK removes a significant trade barrier on wheat exports and provides long-term certainty for wheat growers in the upper Midwest.”
Vince Peterson, president of the USW, noted this agreement provides the basis for an open dialogue on trade that hopefully will also pre-empt the use of retaliatory tariffs in the still unresolved steel and aluminum dispute between the United States and the UK.