️ U.S. President Joe Biden arrives with European Council President Charles Michel and European Commission President Ursula Von Der Leyen for an EU-US summit, in Brussels, Belgium, Tuesday, June 15.
The United States and European Union have agreed to a five-year truce on their long-running dispute over subsidies to aircraft manufacturers.
The announcement Tuesday came as U.S. President Joe Biden was in Brussels for a summit with EU leaders.
U.S.-based Boeing and EU-based Airbus are at the center of allegations that subsidies helping one of the plane-makers hurt the other in the global market. The dispute led to a series of tit-for-tat tariffs during the previous U.S. administration of President Donald Trump. Those tariffs were suspended in March.
“This deal will ensure that our workers and companies in this key sector can compete on a level playing field,” U.S. Trade Representative Ambassador Katherine Tai told reporters Tuesday. “And this deal allows us to start turning the page on this longstanding dispute, to work together to address our shared concerns with unfair and coercive economic practices, and to ensure standards for fair competition.”
Also in focus during Tuesday’s talks are efforts to battle the coronavirus pandemic and climate change, as well as working together on trade and foreign affairs.
A senior Biden administration official speaking to reporters Monday highlighted the creation of a council on trade and technology as a major initiative to come out of Tuesday’s meetings.
“The Trade and Technology Council will cover a number of significant areas of priority for both the United States and the European Union, from coordinating on standards for new technologies like artificial intelligence, quantum computing, biotechnology; to coordinating on supply chain resilience; to coordinating on import -- or investment screening and export controls; to coordinating on how best to reform the WTO,” the official said.