The European Union and the United States are going to declare a truce in the trading conflict, which turned out due to the subsidy of aircraft, writes Reuters. The parties fought since 2004: it was about the support of the American manufacturer of Boeing aircraft and its European competitor Airbus.
In March, Washington and Brussels managed to agree on the removal of duties on various American and European goods worth more than $ 11.5 billion, which were introduced during the conflict to resolve the World Trade Organization (WTO). We are talking about a five-year term, about the decision is going to declare June 15. The details of the agreement are currently discussed.
“I am quite sure that we will come to the agreements about the problem around Airbus and Boeing in today’s talks with our American friends,” the head of the European Commission of Ursula von der Lyien said at a press conference.
Agreement should be announced during the summit with the participation of US President Joe Bayden. New agreements will allow the parties to unite in the face of the threat from China, developing its branch of commercial shipbuilding.
Disputes between Boeing and Airbus became one of the largest corporate conflicts in history. Companies accused each other in obtaining government support. WTO did business, which came to the conclusion that both enterprises receive subsidies illegally.
During the confrontation of Washington and Brussels, mutual fees on importing products were introduced to resolve the organization. So, in October 2020, duties on American goods worth almost four billion dollars were allowed to apply the European Union, and in 2019, Washington received a similar permission. Then it was about $ 7.5 billion per year.
In May, it became also known about the US and the EU plans to reconcile in the trade conflict, which began during the presidency of Donald Trump. It was about the possibility of canceling mutual duties on the import of various products, in particular, steel and aluminum.