Unfortunately for some countries, the recent rivals have decided to end the trading war. Thus, Europe and the US are planning to declare a truce in the conflict that flared up amid state subsidies for the aircraft industry.
The conflict began in early 2004. Then, the parties for the first time voiced mutual claims regarding the support of US aircraft manufacturer Boeing and its European competitor Airbus. The dispute between Boeing and Airbus is obviously one of the largest corporate conflicts in modern history. The companies accused each other of unfair government support. Later, when the WTO was involved in the showdown, it found out that representatives of both enterprises were right as each firm received subsidies illegally. As a result, the companies introduced mutual tariffs on the import of products. Notably, the conflict heated up during the presidency of Donald Trump, who is notorious for his belligerent behaviour. The two economic powers agreed to set aside tariffs on $11.5 billion in US and EU goods. Other details of the deal are still under discussion.
“I am happy to see that after intensive work between the European Commission and the US administration, our transatlantic partnership is on its way to reaching cruising speed,” European Commission President Ursula von der Leyen said.
The parties are likely to announce the conclusion of a new deal during a summit with the participation of US President Joe Biden. New agreements may allow the countries to unite in order to withstand the pressure from China, which is developing its commercial shipbuilding industry.
