US suspends tariffs on UK fashion and textile exports
UK fashion association UKTF has welcomed a de-escalation of the long-running Airbus-Boeing dispute, as the US announced suspension of retaliatory tariffs on a range of UK goods, including swimwear and jumpers.
Simon Cotton, CEO of cashmere specialist Johnstons of Elgin, said: “We are delighted to see these additional tariffs suspended and hope this will lead to a permanent removal of the tariffs in time for our main shipping season, later in the year.
“We have absorbed these tariffs for the last year, which has been a very significant cost to our business as a challenging time. This is extremely welcome news and gives us much greater confidence to pursue the growth opportunity which the US market continues to represent.”
The Financial Times reported that after Joe Biden's election as US president there had been a feeling a deal with Europe could be reached, but the US further raised tariffs on European goods, specifically targeting French and German products.
