U.S., EU to suspend tariffs in effort to resolve Boeing-Airbus subsidy dispute

Boeing and Airbus sq. off on the 2013 Paris Air Show.

Fabrice Dimier | Bloomberg | Getty Images

The U.S. and the European union will suspend tariffs for 4 months tied to a long-running dispute over unlawful subsidies for Boeing and Airbus, the president of the European Commission mentioned Friday.

The settlement is step towards resolving the 17-year dispute that has led retaliatory tariffs on billions of {dollars} of products affecting a spread of exports from either side of the Atlantic.

European Commission President Ursula von der Leyen mentioned she spoke with U.S. President Joe Biden concerning the subject by telephone on Friday.

“We both committed to focus on resolving our aircraft disputes, based on the work of our respective trade representatives,” she mentioned in a press release. “This is excellent news for businesses and industries on both sides of the Atlantic, and a very positive signal for our economic cooperation in the years to come.”

The White House did not instantly remark.

This is breaking information. Check again for updates.

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