Home » News » MERSEYSIDE INDUSTRIALIST AND GOVERNMENT INTERNATIONAL TRADE ADVISOR WELCOMES TRUSS’ HISTORIC US TARIFF DISPUTE BREAKTHROUGH

MERSEYSIDE INDUSTRIALIST AND GOVERNMENT INTERNATIONAL TRADE ADVISOR WELCOMES TRUSS’ HISTORIC US TARIFF DISPUTE BREAKTHROUGH

Independent British manufacturer Dr Maurizio Bragagni OBE has added his congratulations to those from other senior business figures and politicians as he commended International Trade Secretary Elizabeth Truss’s historic deal with the US on the Airbus-Boeing dispute.

Today’s (17 June 2021) deal will end retaliatory tariffs which affected the UK’s US exports worth £550m.

Dr Bragagni, who is CEO of Knowsley-based global cable technology business, Tratos UK, and received his OBE this month for services to UK business, is one of a select group of hand-picked independent advisors working with the Minister to develop post-Brexit deals international trade deals.

He described the International Trade Secretary’s deal with the US on the Airbus-Boeing tariffs dispute as “a major win for UK export industries.’

He said: “This deal and wider co-operation going forward is the latest in a growing series of new, open and better relationships forged by Ms Truss and her team.  What it means for the UK economy and British business is significant.  Better yet it offers the security of long-term planning for our exporters.  I cannot congratulate her enough on such a significant gain for UK PLC.”

After talks with US Trade Representative Katherine Tai at the Department for International Trade’s headquarters in central London, both sides agreed to suspend retaliatory tariffs for five years and cooperate more closely on tackling unfair trade practices by non-market economies.

The 17-year dispute, the longest-running in the history of the World Trade Organization, has seen damaging retaliatory tariffs levied on products on both sides of the Atlantic due to disagreements over support for large civil aircraft.

The disagreement has hit industries such as cashmere, machinery, and single-malt Scotch whisky that employ tens of thousands of people across the UK. The Scotch Whisky Association estimates the tariffs have cost the sector hundreds of millions of pounds in lost revenue.

The UK, which was involved as a member of the EU, took the decision to deescalate the dispute by unilaterally suspending retaliatory tariffs on the US at the start of this year, which encouraged the US to agree to a four-month suspension of tariffs while both sides negotiated a longer-term arrangement.

The UK and US will now work together to put the agreement into practice and strengthen cooperation in the large civil aircraft sector.

Elizabeth Truss said:  “This deal will support jobs across the country and is fantastic news for major employers like Scotch whisky and sectors like aerospace. We took the decision to de-escalate the dispute at the start of the year when we became a sovereign trading nation, which was crucial to breaking the deadlock and bringing the US to the table.

“Today’s deal draws a line under an incredibly damaging issue and means we can focus on taking our trading relationship with the US to the next level, including working more closely to challenge unfair practices by nations like China and using the power of free trade to build back better from the pandemic.”