US, EU strike Airbus-Boeing deal

US, EU strike Airbus-Boeing deal

BRUSSELS: US President Joe Biden and the EU agreed a long-term truce in the 17-year-old Airbus-Boeing dispute yesterday, as they try to push past their own disputes and turn their focus to a rising China. Negotiated in marathon talks by EU and US officials, the truce was formalized in Biden's summit with European leaders Charles Michel and Ursula von der Leyen, who hosted him in Brussels. Von der Leyen said the summit had "delivered“ as she hailed a "breakthrough“ in the long-running feud. "This really opens a new chapter in our relationship because we move from litigation to cooperation on aircraft,“ she added.

Earlier this year Biden and Von der Leyen-the president of the European Commission-had suspended retaliatory tariffs in the dispute over subsidies for the rival planemakers. The punitive measures targeted European cheese and wine and American what and tobacco, among other products. The EU said the truce was set for five years, leaving enough time to resolve the fight-while still factoring in China's growing capability in the aviation industry.

"Instead of fighting with one of our closest allies, we are finally coming together against a common threat,“ said US Trade Representative Katherine Tai, who also attended the meeting. "This is