The United States and the European Union agreed to temporarily suspend tariffs levied on billions of dollars of each others’ aircraft, wine, food and other products for a four-month period.
According to The New York Times, US President Joe Biden<\/strong><\/a> and Ursula von der Leyen, the president of the European Commission, agreed in a phone call on Friday to suspend all tariffs imposed in the dispute over subsidies given to Boeing and Airbus for “an initial period of four months,” von der Leyen said in a statement. The suspension allows both sides to focus on resolving this long-running dispute. It provides an important boost to EU exporters since the U.S. had been authorised to raise tariffs on $7.5 billion of EU exports to the U.S. Similarly, EU tariffs will be suspended on some $4 billion worth of U.S. exports into the EU, according to the European Commission.
“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 4 months,” she said.<\/p>\n\n\n\n