U.S. and EU agree to suspend tariffs imposed in Airbus-Boeing dispute

The United States and European Union on Friday agreed to suspend for four months the tariffs imposed in the long-running dispute over subsidies to Airbus and Boeing.

Why it matters: The agreement is a major step in resolving the 17-year dispute, which has resulted in tariffs on billions of dollars of exports to and from the U.S. and Europe.

• "It provides an important boost to EU exporters, since the U.S. had been authorised to raise tariffs on $7.5 billion of EU exports to the U.S," the European Commission said in a statement. "Similarly, EU tariffs will be suspended on some $4 billion worth of U.S. exports into the EU."

What they're saying: "We both committed to focus on resolving our aircraft disputes, based on the work our respective trade representatives," European Commission President Ursula von der Leyen said in a statement after a call with President Biden Friday.

• "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," she added.