The European Union and the United States have agreed on mutual tariffs on imports for now To be deleted. The European Commission reports this on Friday. Import tariffs will not apply for the next four months, which appears to end the nearly seventeen-year-old trade dispute.
Last year, the two economic powers imposed tariffs on imports worth several billion euros, such as European cheese, olives and whiskey. The United States has accused the European Union of secretly supporting aircraft maker Airbus with soft loans. The European Union felt that Boeing was receiving aid with beneficial tax rules.
Ursula von der Leyen, President of the European Commission, said in a statement that she and US President Joe Biden wanted to resolve the trade dispute. “This is great news for companies on both sides of the Atlantic and a very positive sign for our economic cooperation in the years to come.”
Joe Biden comes
The fact that tensions with the United States is finally easing has to do with President Joe Biden’s arrival in the White House. It was recently announced that the new US government wanted to review import duty policy on products from the European Union. In addition, many European member states have indicated that they hope to restore relations with the United States after the presidential change. During Trump’s rule, tensions increased even more.
Louis Vuitton Moët Hennessy European luxury group (LVMH), liquor manufacturer Bacardi and Microsoft, has been particularly affected by tariffs. So the comment is good news for them. Airbus also announced that it welcomes this step. The group claims that it supports “all necessary measures to create a level playing field” because no one will benefit from the import duties.
Also on Thursday, Washington struck agreements with the United Kingdom on a temporary suspension of import tariffs. London, which has had its own trade policy since Brexit, unilaterally eliminated surcharges on some US products in January to ease trade tensions.