The United States and the European Union have agreed a truce in their decades long conflict over aircraft subsidies, agreeing to a suspension for five years with regard to a set of Trump-era tariffs which had particularly soured relations.
The two sides have been at loggerheads since 2004 at the World Trade Organisation over subsidies for US airplane makers Boeing and European rival Airbus, which each argued exposed the other to unfair competition. They agreed in March to a four-month suspension of tariffs on $11.5 billion of goods from EU cheese and wine to US tobacco and spirits, which the WTO had sanctioned.
The agreement is seen as a positive sign for transatlantic trade relations, perhaps stepping back from the more difficult Trump era. Irish exports got caught up in the fallout of the aircraft dispute, which saw a 25 per cent tariff slapped on goods including liqueurs, whisky, butter and cheese.
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