UK and US have signed an agreement to suspend a long-running trade dispute that hit export sales of luxury goods, until 2026. As per Fashion Network, the two countries have agreed to end a 17-year trade dispute that grew out of subsidies for plane-makers Boeing and Airbus and resulted in retaliatory tariffs of up to 25% on exports of key luxury goods.

The UK had made the first by suspending retaliatory tariffs on the US earlier this year. The US then agreed to a four-month tariff suspension while a more durable deal was negotiated.

Helen Brocklebank, CEO, Walpole said, luxury goods shouldn't become part of a trade war about plane parts. Liz Truss, International Trade Secretary, UK, added, the deal will support jobs across the country and is fantastic news for major employers.

The deal will help UK focus on taking its trading relationship with the US to the next level, including working more closely to challenge unfair practices and using the power of free trade to build back better from the pandemic, Truss added.