The European Union and the United States have agreed to suspend all export fines in protracted support disputes for Airbus and Boeing for a period of four months. During that period, the new US president, Joe Biden, wants new trade agreements with the European Union. Biden’s visit to Brussels is being prepared.
Suspending import duties would make many European food and meat products cheaper in the United States. European products subject to an additional duty of 25 percent include Irish barley whiskey, alcoholic beverages, a variety of cheeses, ham, yogurt, butter, various fats and oils, various fish and seafood.
The European Commission said in a statement that the suspension “allows the parties to focus on resolving this long-standing dispute.” Trade Commissioner Valdes Dombrowskis spoke about an important step forward.
Restore confidence
This suspension will help restore confidence, and thus give us space to negotiate a comprehensive, long-term solution. Dombrowskis said that the positive trade relationship between the European Union and the United States is important not only for the two sides, but also for global trade in general.
Biden had previously said that he would approach a number of things differently in his international trade policy. As a first step, he wants to bring the United States back into compliance with the Paris climate agreement. It also wants to do more with the European Union against China’s increasing expansion.
