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US AAFA welcomes suspension of retaliatory tariffs by US, EU

Jun '21
Pic: Shutterstock
Pic: Shutterstock
The American Apparel & Footwear Association has welcomed the recent announcement by the US Trade Representative (USTR) to end a dispute over aircraft subsidies, effectively suspending for five years retaliatory tariffs on clothes, shoes and fashion accessories that were imposed by the United States and the European Union (EU) as a result of that dispute.

Apparel, footwear and travel goods, which are already some of the most heavily traded goods on the planet, have little ability to absorb additional tariff costs, especially in the face of skyrocketing logistics costs as we attempt to sustain a post-COVID recovery, AAFA said in a press release.

The association has long argued that tariffs, especially those connected to unrelated disputes such as aircraft subsidies and digital services, are an ineffective tool in fostering resolution of trade frictions.

"It is long past time to re-forge an enduring Trans-Atlantic partnership," says AAFA president and chief executive officer Steve Lamar. "This outcome is only possible if we eliminate trade frictions, align around shared values, and pursue common approaches that support economic prosperity in global value chains that thread through Europe and the United States," he added.

The United States and the EU on June 15 announced a cooperative framework to address the large civil aircraft disputes. The agreement moves away from past confrontation in pursuit of a cooperative future by suspending the tariffs related to this dispute for five years.

Both sides also agreed to clear principles, including their shared intent that any financing for the production or development of large civil aircraft on market terms.

Fibre2Fashion News Desk (DS)

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