White House announces E.U. trade agreement includes zero-for-zero tariffs on aircraft

The White House released a statement on Thursday that the U.S. and E.U. have agreed on a Framework Agreement on Reciprocal, Fair, and Balanced Trade. Previously, aircraft and parts imported into the U.S. faced a 10% tariff through previous actions initiated by President Donald Trump. On July 12, President Trump announced that a 30% tariff would be applied to all imports from the E.U. There will be a return to zero-for-zero tariffs on aircraft and parts starting in September. This adds to last month's agreement with the E.U. of zero-for-zero tariffs on aerospace products. NBAA approves of this agreement and advocates for a return to the zero-for-zero tariff policy with all other signatories to the 1979 Agreement on Trade in Civil Aircraft.RELATED STORIES: Pilatus halts business aircraft deliveries to the U.S. due to tariff on Swiss goods Vincent firm's research supports return to zero-tariff business aviation market Trade agreement with EU includes zero-for-zero tariffs on aerospace products Under the 1979 Civil Aircraft Agreement, there was an established zero-for-zero trade agreement within the aviation industry between 30 countries. The NBAA reports that the 1979 agreement created 1.8 million U.S. jobs and a trade surplus in the aerospace industry of $104 billion. The U.S. aviation industry has been pushing for the administration to return to this agreement with all countries that signed. "The agreement marks a vital step toward reestablishing a fair and balanced trade environment," said Ed Bolen, NBAA President and CEO. "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."