Reacting to the news of the suspension of tariffs, William Bain, Head of Trade Policy at the BCC, said:

“Today’s agreement to further suspend punitive tariffs on a wide range of goods is a boost for UK companies exporting to the US. The five-year suspension of tariffs on UK goods such as whisky, cheeses and jumpers gives greater clarity for manufacturing exporters than the interim suspension effective from 4 March this year.

“Today’s announcements only create a pathway to resolving the Airbus-Boeing subsidies dispute however. It represents a truce but a negotiated end to the dispute is still some way off.

“The UK, US and EU must go the extra mile trilaterally and through the World Trade Organisation to resolve the aircraft subsidies dispute at its root, and ensure the risk of punitive tariffs on UK (and EU) manufactured goods being sold in the US is eliminated forever. 

“We also need a resolution this summer at the OECD of the remaining issues on global rules on digital services taxes, after the progress made at the G7, which have led to the threat of further US tariffs on an even wider range of UK, and other European, exports from 29 November this year.”