What you need to know about Brexit and other trade issues
New trade rules will be going into effect on January 1st, 2021 as the Brexit transition period ends and the UK leaves the European Union. To prepare in advance for new customs and legal paperwork procedures and requirements, Hillebrand has prepared an overview of the most critical Brexit import and export rule changes. Read it on Hillebrand’s website here.
Europe and US Trade issues and tariffs relating to aircraft subsidies
Yesterday the World Trade Organization formally authorized Europe to impose tariffs on an estimated $4 billion of US exports in retaliation to US subsidizes made to Boeing. The product list is not released, but it is possible that American wines and or spirits could be included on that list. Currently the US has imposed tariffs on European products (the existing tariffs and products are not subject to required review until next year). With this development, the it is hopeful that it could open the way towards the US and EU reaching a settlement instead of escalating a tariff war. Media sources do not expect action to be taken before the outcome of the US elections is known.
CBMA and 2021?
According to information provided in a trade association conference call involving the US Senate Finance Committee, if CBMA is to be extended into next year, it would likely be included in an end of year tax extender bill. The bill has Senate support and we would encourage you to reach out to your state Senator’s office to encourage action to extend the CBMA.
Should you have questions on the potential impact on your shipments or planning for next year, please contact your Hillebrand representative for more information.