The US and the EU have suspended, for four months, tariffs imposed on each other as punishment for subsidies provided to rivals Airbus and Boeing.
The decision, which came a day after the US agreed to suspend its tariffs on UK imports stemming from the dispute, also affects billions of dollars worth of goods. including tractors, wine and cheese.
Airbus spokesman Clay McConnell welcomed the suspension of what he called “lose-lose tariffs” and said the company supports all efforts to reach an agreement.
“A negotiated settlement will allow the industry to move forward with a genuinely global level playing field for aviation,” Boeing said.
In 2019, the World Trade Organization ruled that the EU had illegally provided support to Airbus, clearing the way for the US to respond with tariffs worth up to $7.5bn (£5.4bn) in annual trade. in a parallel case, it later ruled that the US benefits to Boeing also violated trade rules, authorising the EU to hit the US with tariffs worth roughly $4bn.
In December last year, the UK said it would voluntarily suspend its tariffs on US goods. Officials said they hoped to kickstart compromise talks, casting the measure as an example of the benefits to the UK’s ability to act as an independent trading nation following Brexit.
The US did not respond in kind until this week.
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