On Monday, the EU and the US have finally put forth a consensus on resolving the Airbus-Boeing trade dispute over aircraft subsidies, ending the 17-year-long feud over punitive tariffs worth billions of dollars that have been imposed on their economies for the past few years.
Both the EU and the Biden administration are nearing a potential deal on subsidy rules for Airbus and Boeing, which will be finalized at the EU-US summit meeting on Tuesday.
The deal will help remove potential renewed threats of EU and US consumer goods being hit with tariffs, as well as further ameliorating transatlantic relations.
In 2019, the US imposed $7.5 billion worth of extra tariffs on EU exports, with the EU imposing $4 billion on US exports. As a result, both Airbus and Boeing have put forth pressure to find a solution alongside the World Trade Organization. The effects of such tariffs have also significantly affected other industries outside of the airline industry, such as farming and luxury goods.
The EU is currently looking to set a solution in place by July 11, where temporary suspension of transatlantic tariffs imposed in March will expire.