Prelim EU Pact Follows Admin’s July News Of Aerospace Relief

The National Business Aviation Association praised the Trump Administration on its release of the Framework on an Agreement on Reciprocal, Fair and Balanced Trade with the European Union that includes returning to zero-for-zero tariffs on aircraft and parts beginning September 1.

The framework agreement follows July’s announcement of a return to the zero-for-zero tariffs on aerospace products that’s been in place since the 1979 Agreement on Trade in Civil Aircraft. More than 30 countries have benefited from the reciprocal and fair zero-for-zero arrangement in civil aviation.

Ed Bolen, President and CEO of NBAA noted that the 1979 Agreement has had a clear and positive impact on U.S. leadership in global aerospace safety and innovation. It also enabled a $104 billion U.S. trade surplus in the aerospace industry that outpaced all other economic sectors in bolstering the country’s overall trade balance. In addition, 1.8 million new jobs were created in the aerospace sector.

Bolen explained, “The agreement marks a vital step toward reestablishing a fair and balanced trade environment, It supports continued innovation in aerospace, strengthens the United States’ global leadership in aviation safety, and helps sustain the significant trade surplus that the U.S. aerospace industry has achieved over many decades.”

The NBAA urges the administration to establish the same return to zero-for-zero tariff policy with all the other signatories to the 1979 Agreement on Trade in Civil Aircraft.

FMI:  nbaa.org/