EU Ratifies Turnberry Deal, Suspends $4B Boeing Tariffs Through 2029
BA•The European Council ratified the Turnberry Agreement, enacting regulations that remove remaining EU tariffs on US industrial goods, including aircraft, and suspend $4 billion in Boeing-related duties. The measures take effect next week and run through 2029 with a safeguard to reimpose duties if US import surges threaten EU producers.
1. Ratification of Turnberry Agreement
The European Council formally adopted the regulations enacting the Turnberry Agreement, completing the legislative process on the eve of the July 4 deadline. This ratification concludes a year of negotiations initiated by US and EU leaders to resolve the long-running Boeing-Airbus tariff dispute.
2. Tariff Suspension Details
The regulations remove remaining EU duties on US industrial goods and suspend $4 billion in Boeing-related tariffs through 2029. They also grant preferential quota access for US agricultural products and include a safeguard mechanism to reapply duties if import surges threaten EU producers.
3. Implications for Boeing
Boeing stands to benefit from the elimination of tariffs on civilian aircraft, lowering export costs and potentially boosting order flow from EU carriers. The extended suspension provides multi-year certainty, while a 2029 assessment will review trade flows and inform any legislative extension.
