BusinessNewsUK

17 years old dispute between EU and US come to an end.

Muqeem Ahmed, UK,

The 17-year-old dispute between the European Union and the United States over concessions to aircraft manufacturers has come to an end. US President Joe Biden has called it a major achievement. The two sides have been pursuing lawsuits against each other at the World Trade Organization since 2004. Both sides accused each other for creating unfair competition by giving unfair concessions to companies owned by them.

In March, tariffs on $11.5 billion worth of goods between Brussels and Washington were suspended for four months. Europe’s cheese and wine, while the United States’ tobacco and wine industries suffered severely. Both powers have now suspended tariffs for five years.

EU President Ursula von der Leyen welcomed the agreement, US Trade Representative Katherine Tai says the two sides have settled issues and will now focus on China. However, many Trump-era disputes remain unresolved, including the imposition of US tariffs on European steel and other metals which the US industry considers beneficial itself and excludes European companies.

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