France welcomed the agreement between the European Union and the states to suspend customs duties imposed for a period of four months in a dispute over aircraft industry subsidies.
Finance Minister Bruno Le Maire said: “We are finally ending the trade war between the United States and Europe, which only leads to losses .. I am happy with the French vineyards .. We must continue on the path of cooperation in order to reach a final agreement.”
In addition, European Commission President Ursula von der Leyen and US President Joe Biden agreed on the prospects for the partnership to start resolving the conflict in the competition between the aviation giants Airbus and Boeing.
“I have agreed with President Biden to suspend all our fees imposed in the context of the differences between Airbus and Boeing, on products of the aviation industry as well as those not related to this industry, for an initial period of four months,” Von der Leyen said in a statement after a conversation with the US President.
Washington had suspended customs duties imposed on British products as part of the legal dispute between Boeing and Airbus, after the British government managed to extract an agreement from the new US administration stipulating the suspension of customs duties imposed by former US President Donald Trump on British products. Similar to Scottish whiskey, as part of a long-running legal dispute between the airlines “Airbus” and “Boeing”.
The agreement provides for the United States to suspend for a period of four months all customs duties imposed on direct import of British products, in the context of a conflict that has been going on for 16 years before the World Trade Organization, which is the longest.
A joint statement issued by Washington stated that the agreement aims to “find a balanced solution to differences” and “begin to seriously address the challenges posed by the entry of new destinations coming from countries that do not depend on the market economy, such as China, the civil aviation market. We have committed to focus on resolving aircraft disputes.” Through the work of our sales representatives, this is great news for companies and industries on both sides of the Atlantic and a very positive sign for our economic cooperation in the coming years. “
The tariffs announced at the end of 2020 target European goods, with 25 percent on some wines and cognac and 15 percent on aircraft manufacturing parts.
The European aircraft manufacturer and its US rival, and through them Brussels and Washington, have been fighting since October 2004 before the World Trade Organization, which decides on global trade issues, over government aid provided to the two groups that is considered illegal on both sides.
In 2019, the United States was allowed to impose duties on European goods and services worth about $ 7.7 billion imported annually, the largest penalty allowed by the World Trade Organization.
In a similar decision a year later, the organization allowed the European Union to impose duties on goods imported from the United States. Since then, the European Union has imposed $ 4 billion in tariffs on US exports.