British luxury makers, who were caught in the crossfire of a 17-year WTO dispute about large civil aircraft production, are relieved that punitive tariffs on British luxury exports to the U.S. have been canceled.
The U.S. government has decided to suspend punitive tariffs on British fashion and luxury goods exports for six months with the hope of resolving a brewing trade war over the new U.K. Digital Services Tax.
In an open letter to Prime Minister Boris Johnson and his cabinet, designers, fashion, beauty and media figures said the new rules are breaking once-healthy businesses.
As of Jan. 1, there will be no duties on goods passing between the two regions after a free trade deal was agreed just days before the final Brexit deadline.
The U.K. is hoping to secure a post-Brexit trade deal with the U.S. and is therefore saying “no” to retaliatory tariffs imposed by the European Union in the long-running subsidies spat.
British businesses, hit by a double whammy of COVID-19 and preparations for the Brexit finale in December, are being urged to focus on exports and to sharpen their e-commerce game.
In August, the U.S. could decide to beef up, and broaden, punitive tariffs on British and European luxury goods which have been caught up in a long-running dispute over government subsidies to Airbus.
Boring retail is dead and the new wave of consumers want brands to help them express their identity.
As the U.K. braces for a full-scale epidemic, retailers are thinking about how to jump-start business once the virus burns out.
Knitwear and clothing companies are nervous about the potential for 100 percent tariffs on exports to the U.S. if President Trump decides to retaliate in two trade disputes.
The troubles in Hong Kong and Prince Andrew’s disastrous BBC TV interview were all fair game at the Walpole British Luxury Awards on Monday night.
Trade relations are rocky between the U.S. and the U.K., with the U.S. having just slapped 25 percent tariffs on a slew of British luxury goods as part of an ongoing dispute over aircraft subsidies.
The annual Frieze Art Fair in London, and related events during the week, added a jolt of energy and positivity to a city battered by Brexit, new tariffs and uncertainty.
The U.S. is the largest single market for British luxury goods, and the punitive duties will damage a flourishing exports business, say industry leaders.