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EU, US Remove USD 11.5b in Tariffs

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At the EU Summit, EU leaders and US president Joe Biden struck a conciliatory tone and made efforts toward ending disagreements on trade, including a dispute concerning aircraft subsidies that has dragged on for 17 years. The two sides also agreed to remove USD 11.5 billion in tariffs that had been placed on goods from both sides of the Atlantic.

Some of those tariffs on things like wine or whiskey were levied in response to government subsidies given to US planemaker Boeing and European rival Airbus. Washington and Brussels may also be close to mending fences over punitive tariffs related to steel and aluminium.

In contrast to his predecessor, president Biden expressed the importance of US relations with the EU and NATO and his desire to cooperate closely with them.

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