Biden and the E.U. hope to settle a trade dispute and end billions in tariffs.

As President Biden and European Union leaders prepare to meet at a summit in Brussels next week, they are working toward an agreement that would settle long-running disputes over aircraft subsidies and tariffs on a wide range of products, which escalated during the Trump administration.

The tariffs have resulted from two parallel disputes, which began almost two decades ago, over subsidies that the governments have given to Airbus and Boeing. The European Union had imposed tariffs on about $4 billion of American products, while the United States levied tariffs on $7.5 billion of European goods. The levies cover a wide range of goods, including American peanut butter, orange juice and whiskey, and European wine and cheese.

The two sides are also trying to resolve a fight over steel and aluminum tariffs that Mr. Trump imposed in 2018.

In March, they agreed to temporarily suspend tariffs on billions of dollars of each other’s aircraft, wine, food and other products. They now hope to reach a lasting agreement by mid-July, and to remove the tariffs by Dec. 1.

Resolving trade tensions with Europe and other allies is a priority for Mr. Biden. He and administration officials have said they want to rebuild those relationships, in part to counter China and Russia.

Describing his goals for the trip as he boarded Air Force One on Wednesday, he said: “Strengthening the alliance and make it clear to Putin and to China that Europe and the United States are tight, and the G7 is going to move.”

Source link

Spread the love

Written by bourbiza

50 best stylish Free Fire guild names with unique symbols in June 2021

World Test Championship Final: “Should be a case of equal opportunity for both the teams”