Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

THE BOEING COMPANY

(BA)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Boeing : Scotch whisky makers welcome suspension of costly US tariffs

06/17/2021 | 07:26am EDT

LONDON (AP) — Scotch single malt whisky makers breathed a sigh of relief Thursday after the United States agreed to suspend tariffs on one of Scotland's main exports following the resolution of a long-standing trade row between the U.S. and the EU over subsidies to aircraft companies Boeing and Airbus.

President Donald Trump imposed the 25% tariffs in October 2019 as part of the trade dispute over aerospace subsidies. While the U.K. no longer is an EU member, it belonged to the bloc when the tariffs were introduced.

Earlier this week, the U.S. and the EU reached an agreement to end their dispute, paving the way for a 5-year suspension of tariffs both sides had put on an array of products, including olive oil and cheese, as well as whisky.

The Scotch Whisky Association estimated that the tariffs contributed to a 30% fall in total exports to the U.S., equivalent to around 600 million pounds ($850 million) in the 18 months to March 2021.

“This deal removes the threat of tariffs being re-imposed on Scotch whisky next month and enables distillers to focus on recovering exports to our largest and most valuable export market," Karen Betts, the association’s chief executive, said.

A thaw in U.S.-EU relations had been widely expected following the election of President Joe Biden, who made clear his intention to improve ties. In March, both sides agreed to temporarily halt the tariffs linked to the Airbus-Boeing dispute in a bid to negotiate a solution.

Following the U.S.-EU aerospace agreement, British International Trade Secretary Liz Truss and the U.S. Trade Representative Katherine Tai agreed to halt retaliatory tariffs for five years.

“Today’s deal draws a line under an incredibly damaging issue and means we can focus on taking our trading relationship with the U.S. to the next level, including working more closely to challenge unfair practices by nations like China and using the power of free trade to build back better from the pandemic," Truss said.

Tai said the agreement, in which both sides also agreed to form a working group on the civil aviation industry and to co-operate against “non-market practices of third countries” can be built upon to "ensure fair competition and address common challenges from China and other non-market economies.”

Following the U.K.'s departure from the EU's economic orbit at the start of this year, it is free to negotiate trade deals with whichever countries it wants. Earlier this week, the British government negotiated the broad outlines of a free trade deal with Australia that will see tariffs on a wide range of goods eliminated over coming years.

Ivan Menezes, the chief executive of drinks giant Diageo, said the elimination of tariffs on Scotch whisky and other recent developments illustrate the benefits that can accrue from Brexit.

“With the end of this dispute, a new free trade agreement with Australia that removes remaining tariffs on U.K. spirits and the opening of trade talks with India, the largest whisky market in the world, the U.K.’s newly independent trade policy is now bringing major benefits for Scotch and Scotland,” said Menezes, whose company's stable of single malt whiskies includes Talisker and Laphroaig.

The Scottish National Party, which runs the devolved administration in Scotland, urged more support from the British government to help businesses that suffered.

“Whilst this announcement is very welcome after months of cross-party campaigning, the losses to Scotch whisky exports have been eye-watering, and it will take time for the industry to get back on its feet," lawmaker David Linden said.

Under Thursday's agreement, the U.K. will suspend for five years the 25% tariffs on U.S. rum, brandy and vodka. American whiskeys though will continue to face a 25% tariff in the U.K. imposed in connection with the steel and aluminum dispute between the EU and the U.S.

The Distilled Spirits Council of the United States welcomed Thursday's deal and hoped that a resolution can soon be found to lift the tariffs on American whiskeys, which it said have contributed to a 53% decline in exports to the U.K.

“We hope this positive momentum will also lead to the prompt and permanent removal of the EU and UK’s tariffs on American Whiskeys,” the group's CEO Chris Swonger said.

His counterpart in the Scotch Whisky Association, Karen Betts, said she hoped these "can also be resolved quickly.”

Follow all AP stories about Brexit and British politics at https://apnews.com/Brexit

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission., source Associated Press News

All news about THE BOEING COMPANY
07/30Airbus production plans expose strategy rift with engine makers
RE
07/30Indian billionaire's new airline may give Boeing a chance to regain lost grou..
RE
07/30Indian billionaire's new airline may give Boeing a chance to regain lost grou..
RE
07/30AIRBUS : Analysis-Airbus production plans expose strategy rift with engine maker..
RE
07/30BOEING : Wells Fargo Adjusts Price Target on Boeing to $254 From $244, Maintains..
MT
07/29NEWS HIGHLIGHTS : Top Company News of the Day
DJ
07/29BOEING : High-stakes Boeing capsule launch postponed due to mishap at space stat..
AQ
07/29NASA, Boeing to delay launch attempt of Orbital Flight Test-2 mission
RE
07/29NASA And Boeing Have Decided To Stand Down From Friday's Launch Attempt Of Th..
RE
07/29Nasa and boeing have decided to stand down from friday’s launch attempt of th..
RE
More news
Financials (USD)
Sales 2021 76 481 M - -
Net income 2021 1 204 M - -
Net Debt 2021 43 600 M - -
P/E ratio 2021 115x
Yield 2021 -
Capitalization 133 B 133 B -
EV / Sales 2021 2,31x
EV / Sales 2022 1,82x
Nbr of Employees 141 000
Free-Float 57,8%
Chart THE BOEING COMPANY
Duration : Period :
The Boeing Company Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends THE BOEING COMPANY
Short TermMid-TermLong Term
TrendsBearishBearishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 25
Last Close Price 226,48 $
Average target price 266,76 $
Spread / Average Target 17,8%
EPS Revisions
Managers and Directors
David L. Calhoun President, Chief Executive Officer & Director
David A. Dohnalek Chief Financial Officer, Treasurer & Senior VP
Lawrence W. Kellner Non-Executive Chairman
Gregory L. Hyslop Chief Engineer, EVP-Engineering, Test & Technology
Susan Doniz Chief Information Officer & SVP-Data Analytics
Sector and Competitors
1st jan.Capi. (M$)
THE BOEING COMPANY5.80%132 752
AIRBUS SE28.87%107 847
TEXTRON INC.42.79%15 468
DASSAULT AVIATION11.93%9 906
AVIC ELECTROMECHANICAL SYSTEMS CO.,LTD.-13.54%5 917
AVICHINA INDUSTRY & TECHNOLOGY COMPANY LIMITED7.58%5 774