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EU to impose $4 billion in tariffs on US goods – what does this mean for dairy?
Wednesday, 18 November 2020
By Felicity Rusk
The World Trade Organisation (WTO) recently ruled in favour of the EU in the latest round of the Airbus-Boeing dispute. This allows the bloc to impose up to $3.99 billion of tariffs on US goods, although the impact of these on the dairy sector will be limited.
This is the latest development within the Airbus-Boeing dispute between the EU and the US. Last year, the WTO ruled in favour of the US, enabling the nation to impose tariffs of up to $7.5 billion on EU products.
The list of affected US goods includes tariffs on civilian aircrafts along with a range of food, agricultural and industrial goods. Four dairy codes will now be subject to a new 25% tariff, including three cheese codes and milk protein concentrate. The tariffs were applied from 10 November, although they will not apply to goods that were already in transit.
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The EU is a net exporter of dairy products to the US, and historically import very little in the way of dairy products in the past. Between 2017 and 2019, the US only accounted for 3% of all EU dairy imports. As such, the impact of the tariffs being applied is likely to be somewhat limited.
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