The European Union and the United States of America have agreed that the mutual punitive tariffs in the trade dispute between Airbus and Boeing will be temporarily suspended. This has been agreed by EU Commission President Ursula von der Leyen and US President Joe Biden.

The two aircraft manufacturers accuse each other of illegal state aid. In the many proceedings, the WTO approved punitive tariffs directed against both the EU and the USA. The European side hoped that with the change in the White House there would be an opportunity for negotiations that could lead to the settlement of the dispute.

In a joint communication, the US and the EU see the agreement on the temporary suspension of punitive tariffs as an important sign of a “new beginning in relations”. The agreement is to come into force as soon as the necessary constitutional steps have been completed. These should be initiated promptly.

"This is excellent news for companies and industry on both sides of the Atlantic and a very positive signal for our economic cooperation in the coming years," explains EU Commission President Ursula von der Leyen. US President Joe Biden agreed, adding that he wanted to "repair and revitalize" relations with the EU.