Five-year truce in Boeing-Airbus dispute

File pic shows employees walking by the end of a 737 Max aircraft at the Boeing factory in Renton, Washington - Reuters

BRUSSELS: The United States and the European Union (EU) have agreed to extend a tariff truce for five years, parking a dispute over aircraft subsidies given to Airbus SE and Boeing Co that saw the allies impose duties on US$11.5bil (RM47.35bil) of each other’s exports.

US Trade Representative Katherine Tai, speaking to reporters in Brussels yesterday, said the tariffs would remain suspended as long as the terms of the agreement are upheld and while they work on addressing issues including outstanding subsidies already paid.