U.S. President Joe Biden and European Commission President Ursula von der Leyen agreed in a call on Friday to suspend retaliatory tariffs for four months.
“As a symbol of this fresh start, President Biden and I agreed to suspend all our tariffs imposed in the context of the Airbus-Boeing disputes, both on aircraft and non-aircraft products, for an initial period of four months,” von der Leyen said in a statement, confirming a report by POLITICO.
“We both committed to focus on resolving our aircraft disputes, based on the work [of] our respective trade representatives,” von der Leyen continued. “This is excellent news for businesses and industries on both sides of the Atlantic, and a very positive signal for our economic cooperation in the years to come.”
The deal will benefit Airbus and Boeing, which have both faced tariffs of 15 percent when exporting to the U.S. and EU respectively.
It will also be a relief for Airbus’ assembly line in Mobile, Alabama, which has seen its supply chain disrupted since January, when the U.S. increased its retaliation to include Airbus airplane parts shipped to America from Germany and France.
Other industries affected by 25 percent tariffs are agri-food exporters, such as cheeses, spirits and wines.
