FILE - In this Thursday, Feb. 25, 2021 file photo, European Commission President Ursula von der Leyen speaks during a media conference in Brussels.
After U.S. President Joe Biden and EU Commission chief Ursula von der Leyen spoke, both sides decided to suspend tariffs used in the longstanding Airbus-Boeing dispute for the next four months.
Von der Leyen called it “a very positive signal for our economic cooperation in the years to come.”Ad"This is excellent news for businesses and industries on both sides of the Atlantic,” she said.
In the aircraft dispute, the U.S. was allowed to impose tariffs on $7.5 billion of EU exports to the U.S and as a result of the deal, EU tariffs will be suspended on $4 billion of U.S. exports.
The move came only a few weeks after international arbitrators gave the EU the green light for such punitive action.