European Commission President Ursula von der Leyen confirmed today, Tuesday, after talks with US President Joe Biden after his arrival in Brussels, that the United States and the European Union have reached a settlement of a long-running dispute over government aid to Boeing and Airbus. Airbus, the aircraft manufacturer.
"The meeting began with progress on aircraft, we had decided together to resolve this dispute, today we kept our promise," she said, adding, "This agreement opens a new chapter in our relations, as we are moving from disagreement to cooperation in the field of aviation after a 17-year dispute."
The two parties agreed to suspend the punitive customs duties imposed in the context of this dispute, for a period of 5 years.
Last March, the partners agreed to raise customs duties for a period of 4 months.
The announcement casts aside a major trade dispute that has led to reciprocal tariffs for more than a decade and a half, worth billions of dollars.
US Trade Representative Catherine Taye also told reporters that the United States has won the support of the European Union in its power struggle with China and wants to take advantage of this summit to calm transatlantic relations, which were very tense during the era of Donald Trump.
"Instead of fighting one of our closest allies, we finally meet together in the face of a common threat," Tay added, confirming the extension of the truce that was decided in this file in March, which was supposed to expire in July.
For its part, France welcomed the new agreement between the two parties, calling for the final closure of this file.
The American Boeing and the European Airbus are the two largest aircraft manufacturers in the world, and the two sides exchanged accusations of providing unfair government support to their companies, and this progress coincides with Biden's first European tour since taking office.