Brussels: The United State and European Union are working to reach an agreement on their long-standing dispute on aircraft subsidies by the July 11 timeline, European Commission Executive Vice-President and trade chief Valdis Dombrovskis said.
Dombrovskis said at a press conference that "We had intensive and broad discussions on this topic with US Trade Representative Katherine Tai last week and also during today's video conference she confirmed this timeline so we are working to reach this agreement by July 11,"
It was in March that Both sides agreed to suspend tariffs imposed on billions of imports in their sixteen-year-old dispute at the WTO over subsidies for plane makers Airbus and Boeing.
While U.S. President Biden has made clear his focus remains on protecting American jobs, European officials hope his administration will make trade relations with the United States more predictable than during the Donald Trump presidency.
In 2004, the US accused France, Spain and Germany of providing illegal subsidies and grants to support the production of a range of Airbus products. In October 2019, the World Trade Organization (WTO) allowed Washington to take counter-measures against European exports worth up to USD7.5 billion. The suspension runs until July 10, with tariffs re-applying on July 11 if there is no solution.
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