Time.news – It is a historic day for relations between the EU and the US. The long back and forth between Brussels and Washington on tariffs that began with Trump had just grafted on Boeing-Airbus dispute, which has lasted for 17 years. Since 2004, the two sides have accused each other of supporting the two aviation giants in a way that violates WTO competition rules. The end of this controversy will constitute one of the biggest tests of rapprochement between the two big names on trade. There were rumors about this before, but then came the official announcement of the president of the EU Commission, Ursula von der Leyen.
In a statement he revealed that he spoke by phone with US President Joe Biden and said they both agreed to a suspension of four months and have pledged to focus on resolving the dispute. For his part, US President Joe Biden underlined that he aims to “revitalize” relations with the Old Continent.
The United States has imposed duties on $ 7.5 billion of EU goods andEuropean Union has duties on $ 4 billion of US imports resulting from longstanding World Trade Organization lawsuits over subsidies to Airbus and Boeing aircraft manufacturers. Friday’s deal between Brussels and Washington mirrors the four-month tariff suspension agreed on Thursday by the US and Britain. EU Trade Commissioner Valdis Dombrovskis hailed the new agreement as a significant step forward: “It marks a reset in our relationship with our largest and most economically important partner. Removing these tariffs is a win for both sides. , at a time when the pandemic is harming our workers and our economies “. Katherine Tai, who is expected to be confirmed as U.S. trade representative in the coming days, revealed last week that she was eager to settle the airline dispute.
The announcement came a day after the US and UK unveiled a similar deal, in which both countries suspend retaliatory tariffs in the airline dispute for four months. The decision led to the removal of US tariffs on UK items, such as Scotch whiskey. Delta Air Lines was the US carrier most affected by the trade war.