The United States and the European Union have resolved a long-running trade dispute over subsidies to Airbus and Boeing, a move that could improve transatlantic relations as both sides seek to counter China’s rising economic influence.
US officials confirmed on Tuesday they struck a truce to end the dispute over government subsidies for the world’s leading commercial plane makers during a summit in Brussels.
The two sides agreed to suspend tariffs imposed as part of the trade battle for a period of five years. They will also each release statements spelling out “acceptable support” for aircraft manufacturers.
The settlement “resolves a long standing trade irritant in the US-Europe relationship,” US Trade Representative Katherine Tai said. “Instead of fighting with one of our closest allies, we are finally coming together against a common threat.”
cnn.com
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