16:20
+23 C°
Traffic jam:   2
$
73.7663
86.8451

EU and U.S. agree to end trade dispute between Boeing and Airbus

15 June 2021
2764
2 min.
6
EU and U.S. agree to end trade dispute between Boeing and Airbus

Boeing and Airbus dispute

The European Union and the U.S. have reached an agreement to end a long-running trade dispute over Boeing and Airbus that has resulted in more than $10 billion in reciprocal customs duties, Bloomberg reported Tuesday, citing EU officials.

According to them, the European Commission (EC) discussed the draft treaty with EU member states on Monday night in order to come to an agreement with Washington even before the EU-US summit.

According to the agency, the agreement comes as politicians in Brussels and Washington are becoming increasingly aware that the state-sponsored China Commercial Aviation Corporation (COMAC) could become a full-fledged competitor to Boeing and Airbus by the end of the decade and weaken their position in the aircraft industry.

According to Bloomberg, the EU-US summit is also expected to reach an agreement to lift steel and aluminium duties imposed by Washington in 2018 "on national security grounds".

Boeing and Airbus dispute

The trade dispute between Brussels and Washington over Boeing and Airbus is one of the longest and most extensive in the history of the World Trade Organization (WTO).

The US has accused the EU of illegal state subsidies to Airbus since 2004, with the EU making similar accusations against Washington against Boeing. In 2019, the WTO dispute settlement body found a violation of the organisation's rules in the Airbus case, giving the US the right to impose countervailing duties. However, in 2020, a similar ruling was made in favour of the EU in the Boeing case. In fact, the WTO acknowledged that both sides were violating international trade norms within the organisation by creating preferences for their aircraft manufacturers.

In October 2019, Donald Trump's administration imposed 25% duties on goods from the EU totalling around $7.5bn. On 9 November 2020, the EU responded to the move by imposing its tariffs on agricultural and manufactured goods from the US totalling €3.4bn (around $4bn) a year.

However, in March, EC head Ursula von der Leyen and US President Joe Biden reached an agreement to freeze reciprocal customs duties for four months.

Persons2 and Companies4 in the news

President of the European Commission
1 place
46th President of the United States
2 place
Airbus
2 place
Boeing
3 place
Bloomberg L.P.
4 place
Section:

Discussion

Rating companies
Apple
76 Mention
Tesla
75 Mention
Nasdaq
72 Mention
Amazon
65 Mention
Dow Jones
60 Mention
Facebook
53 Mention
Microsoft
41 Mention

NEW YORK NEWS

News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director