The European Union and the United States agreed Friday (March 5) to put a four-month moratorium on import tariffs worth billions of dollars imposed over a dispute over aircraft subsidies and to work to resolve the 16-year-old dispute at the World Trade Organization. Both sides said any solution must focus on China. U.S. President Joe Biden and European Commission President von der Leyen agreed to suspend the tariffs during a call Friday.
In a joint statement, the two sides said the four-month suspension would cover all U.S. tariffs on $7.5 billion in EU imports and all EU tariffs on $4 billion in U.S. products, according to a combination of international media March 6.
Key elements of the negotiated settlement will include constraints on future support in the sector, as well as “addressing the trade-distorting practices and challenges posed by new entrants from non-market economies like China,” the statement said.
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