Today, Britain and the United States agreed to resolve a long -running trade dispute involving the issue of aircraft and whiskey. The U.S. currently chooses to focus on addressing the issue of Chinese subsidies.
Both the UK and U.S. finally agreed to end the 17-year-old dispute and agreed to jointly oppose unfair trade practices.
The dispute has sparked a transatlantic tariff war for months that has had an impact on the liquor industry. With this deal, tariffs will be delayed for another five years while the administration also promises to provide any assistance. At the same time it helps the employment sector in the UK and good news for the liquor and aerospace sectors as they are no longer subject to tariff penalties.
The agreement of the aerospace peace deal comes two days after the EU complied with Washington’s proposal on aircraft subsidies and agreed to counter China’s growing influence.
U.S. Trade Representative Katherine Tai stated that the priority is on fair competition and addressing the common challenges coming from China.
In conclusion, Britain is now working to sign more new agreements that could benefit the country after leaving the European Union in 2020.
The GBP is still depreciating against the US dollar following the continued strengthening of the US dollar after the FOMC.
