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CEMA welcomes the suspension of retaliatory tariffs on sectors unrelated to Trans-Atlantic trade disputes

Date

16 Jun 2021

Sections

Trade & Society
EU and US agricultural machinery producers see a relief on the lift of the tariffs supporting the recovery following the Covid19 pandemic

On 15th of June, the end of the retaliatory tariffs between the EU and the US affecting products unrelated to the World Trade Organization large civil aircraft and steel and aluminium disputes was announced by the head of the European Commission, Ursula Von der Leyen as a main achievement resulting of the bilateral EU – US Summit held in Brussels.

The EU and US markets for agricultural machinery are closely interconnected as several manufacturers produce equipment in both markets. In addition, many European companies export machinery produced in Europe to the US and vice versa. Although the removal of these tariffs is received as a very positive step, the remaining issue on steel and aluminium tariffs needs still to be solved. Today’s sharp rise in prices for aluminium and steel is negatively affecting the ag machinery since these key raw materials are the main ones being used by our industry in its manufacturing processes.

Commenting on this, Jerome Bandry CEMA Secretary General said: “the removal of these tariffs will undoubtfully restore lost market opportunities transatlantic businesses helping them on their recovery path towards pre-pandemic levels. Rebuilding a solid transatlantic partnership, as we had in the past, will make the EU and US economies stronger to address new global challenges”.

Further to this, CEMA wants to thank the great cooperation among the 113 EU – US trade associations who joint efforts to claim the unfair situation created by an unrelated trade dispute affecting the competitiveness of their members. Check here

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