Aviation Trade Tensions Between EU and US Ease
Aviation Tariffs Lifted for Five Years
Under the agreement, the tariffs, which have cost US importers more than $1.1 billion since they went into effect in 2019, will be suspended for five years. The truce is part of a broader effort to improve relations between the US and the European Union.
Boeing, Airbus Stand to Win
The transatlantic deal could not come at a better time for Boeing and Airbus. Both aircraft manufacturers were hit hard by the pandemic and are looking toward a somewhat uncertain future. They are also looking for ways to innovate and grow. For example, Boeing is mulling the launch of a new jetliner. Both companies applauded the settlement between the US and the EU, saying it creates a level playing field.
The US and EU are entering a friendlier stage of their relationship in the aviation space. It will be interesting to see if the agreement results in other trade tensions easing in the months to come.
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