EU Tariffs Suspended
As expected, the European Union has suspended the 25 percent retaliatory tariff on U.S. dry bean imports for one year while the two sides work toward a permanent solution. These tariffs have been in place since 2018 in a trade dispute over steel and aluminum exports. The EU was the largest regional export market for U.S. dry beans before the 25 percent tariff was implemented. This action does not apply to the United Kingdom, which is one of the top three European markets for U.S. dry beans. The situation with the UK has been complicated by current tension between the Biden Administration and British leaders over the handling of Northern Ireland and Brexit.