The European Union (EU) and the United States (US) have agreed to suspend tariffs on billions of goods from each other, thus easing a 17 -year transatlantic dispute over the issue of government subsidies to Boeing Co and Airbus SE.
The agreement on the four -month suspension was made by US President Joe Biden and European Commission President Ursula von der Leyen via a phone call last Friday.
The decision involves the temporary elimination of tariffs imposed on products worth $ 11.5 billion, including a 25% U.S. levy imposed on European imported products of $ 7.5 billion, including wine, whiskey and foods such as cheese and olives, as well as aircraft.
In exchange, the EU will raise duties on US products by $ 4 billion, including wine, suitcases and products including nuts and cherries.
In a statement released by the White House, Biden reiterated to von der Leyen about his commitment to improving and reviving the partnership between the two sides.
The White House added that leaders agreed to defer tariffs related to the World Trade Organization (WTO) safe -haven aircraft dispute for four months to allow room to resolve this long -term dispute at the WTO.
Von der Leyen praised the decision as a new beginning for transatlantic relations, saying it was good news for business and industry, as well as it was also seen as a positive signal for economic cooperation on both sides.
