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EU, U.S. FREEZE TARIFFS IN AIRBUS-BOEING ROW
- By The Financial District
- Mar 6, 2021
- 2 min read
Updated: Apr 21, 2021
The European Union (EU) and the United States announced Friday, March 5, 2021, they have agreed to suspend all tariffs related to the long-running Airbus-Boeing trade battle for an initial period of four months, Leonie Kijewski ad Ella Joyner reported for Deutsche Presse-Agentur (dpa).
In a statement following a phone call with US President Joe Biden, European Commission President Ursula von der Leyen said both sides were committed to resolving the dispute. "As a symbol of this fresh start, President Biden and I agreed to suspend all our tariffs imposed in the context of the Airbus-Boeing disputes, both on aircraft and non-aircraft products, for an initial period of four months," she said.
A White House readout of Biden's phone call confirmed the temporary lifting of tariffs and said the new administration in Washington wants "to repair and revitalize the US-EU partnership."
The announcement is the latest move in a dispute between Brussels and Washington that dates back to the early 2000s.
They accuse each other of unfair state support for the world's two largest aircraft companies, the European Airbus consortium, and its US rival Boeing.
The two sides have imposed tariffs on aviation and non-aviation goods worth billions of dollars.
"This is excellent news for businesses and industries on both sides of the Atlantic, and a very positive signal for our economic cooperation in the years to come," von der Leyen said.
The US imposed tariffs on certain EU products following a ruling by the World Trade Organization (WTO). Declaring European subsidies for Airbus illegal, the trade body had permitted the US to raise tariffs on products worth $7.5 billion.
In November, the European Commission imposed additional tit-for-tat tariffs on US products worth some 4 billion dollars (3.36 billion euros) following another ruling by the WTO. The tariffs will be scrapped on both sides for four months, as soon as internal procedures on both sides are completed.
