In August, the U.S. could decide to beef up punitive tariffs on British and European luxury goods.
LONDON — Still reeling from the impact of COVID-19 on jobs, business and the wider economy, British luxury brands are bracing themselves for a further blow: The possibility of higher, and broader, U.S. tariffs on British-made luxury goods resulting from the Airbus-Boeing subsidies controversy.
Walpole, and its European counterparts, penned letters to the office of the U.S. Trade Representative earlier this week laying out their concerns. The USTR did not return a request for comment on Wednesday.Last October, the U.S. raised its import tax on high-end products from Britain, including cashmere knitwear, merino wool and Savile Row suits, to 25 percent following a ruling by the World Trade Organization that the U.S.
The EU, including the U.K., which makes wings for Airbus planes in North Wales, is paying tariffs on $7.5 billion worth of exports to the U.S. As part of the dispute, the EU has accused the U.S. of subsidizing Airbus’ main rival, Boeing. The WTO has said the EU can retaliate, although the Geneva-based organization still has to provide the details of exactly what the EU can do.
The letter added that prior to the COVID-19 pandemic, “U.K. luxury businesses were in significant expansion phases, but at a time when businesses have been hit hard by this global crisis, the imposition of tariffs on their products could be a fatal blow to further local investment.” Simon Cundey, managing director of the Savile Row tailor Henry Poole & Co., said his American customers have so far been absorbing the latest 25 percent tax, even if it is higher than the usual 18 to 20 percent import tax they were used to paying for years. A further hike in the tax on a Henry Poole suit, he believes, would discourage younger buyers — Wall Street traders or young lawyers — from splashing their cash on a British-made suit. This is especially true at a time when many U.S.
He believes luxury businesses have been caught in the crosshairs of the Airbus dispute because they’re relatively safe targets.
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