Olive Oil Tariff Update

We are pleased to announce that our on-going efforts to eliminate the tariffs on olive oil have finally borne fruit! The U.S. and E.U. today announced a 4-month suspension of the retaliatory tariffs each country had imposed in connection with the Airbus/Boeing trade disputes. This is welcome news not only to the olive oil industry, but also to the restaurant sector, already devastated by the pandemic, on which the tariffs on olive oils and other food and beverages added insult to injury.  This is only a suspension of the tariffs, of course, but hopefully, this will allow the parties to reach a universal and lasting compromise to end the dispute once and for all.

For more information, read the Joint Statement of the European Union and the United States on the Large Civil Aircraft WTO Disputes

03/05/2021

“The European Union and the United States today agreed on the mutual suspension for four months of the tariffs related to the World Trade Organization (WTO) Aircraft disputes. The suspension will cover all tariffs both on aircraft as well as on non-aircraft products, and will become effective as soon as the internal procedures on both sides are completed. 

“This will allow the EU and the US to ease the burden on their industries and workers and focus efforts towards resolving these long running disputes at the WTO.

“The EU and the US are committed to reach a comprehensive and durable negotiated solution to the Aircraft disputes. Key elements of a negotiated solution will include disciplines on future support in this sector, outstanding support measures, monitoring and enforcement, and addressing the trade distortive practices of and challenges posed by new entrants to the sector from non-market economies, such as China.

“These steps signal the determination of both sides to embark on a fresh start in the relationship.”