US and EU approach ceasefire in Boeing and Airbus conflict

After taking a family photo at the start of the G7 Summit in Carvis Bay, Cornwall on June 11, 2021, President Joe Biden (L) of the United States and President Emmanuel Macron (C) of France joined the European Commission Ursula. I had a meeting with President Von de Araien.

Patrick Semangski | AFP | Getty Images

London — The United States and the European Union are approaching an agreement on a 17-year dispute over aircraft subsidies as they prepare for the first summit since 2014 on Tuesday.

President Joe Biden And his EU counterparts are keen to show that there is new momentum in transatlantic relations.

CNBC last week EU was putting pressure on the White House To reach an agreement to end trade tariffs imposed during President Donald Trump’s term Airbus And Boeing The first conflict that occurred in 2004.

EU officials who did not want to be nominated due to the delicate nature of trade negotiations told CNBC on Tuesday.

A second EU official who doesn’t want to be named because of the sensitivity of the talks said it was “too early to say” whether a breakthrough would be achieved when leaders meet at lunch on Tuesday morning. ..

EU-US relations reached their lowest during the White House administration before Trump often criticized Europe and accused the EU of being worse. China With that trade practice.

After the World Trade Organization ruled that the EU had unfairly subsidized Airbus, Trump imposed $ 7.5 billion worth of obligations on European products. Shortly thereafter, the EU imposed $ 4 billion worth of tariffs on US products following another WTO ruling stating that the United States had given Boeing illegal aid.

The EU is keen to set a date to eliminate these unpaid tariffs and proposed July 11th last week.

A third EU official, who does not want to be named because of the delicate nature of the negotiations, told CNBC on Monday afternoon that this date is no longer included in the draft that both sides will agree on at the summit. ..

Jacob Kierkegaard, Senior Fellow of the US German Marshall Foundation, told CNBC’s “Squawbox Europe” on Tuesday: Good news for both companies, of course, but first and foremost, even better news for many companies in both the EU and the US that are subject to retaliation sanctions. “

French winemakers and Italian cheesemakers were previously dissatisfied with the impact of US-EU trade conflicts on their business.

Metal tariffs

It is now clear that the EU wants to see more progress in trade. The 27-member block is also seeking an agreement on metal tariffs that were also imposed during President Trump’s time.

In 2018, Trump’s team imposed a 25% tariff on European steel and a 10% tariff on European aluminum for national security reasons. This is the EU’s fierce opposition and retaliation.

US and EU approach ceasefire in Boeing and Airbus conflict

Source link US and EU approach ceasefire in Boeing and Airbus conflict

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