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President Biden at the EU summit in Brussels. Photo: Dursun Aydemir/Anadolu Agency via Getty Images

The United States and the European Union reached a deal to end a 16-year-old dispute over subsidies to Airbus and Boeing, the White House announced on Tuesday.

The state of play: Both sides agreed to suspend tariffs for five years while they work together to counter China's investment in the aircraft sector in ways "that reflect our standards for fair competition," U.S. Trade Representative Katherine Tai told reporters.

The big picture: The announcement was somewhat expected after the U.S., E.U. and the United Kingdom in March agreed to suspend tariffs, estimated at $11.5 million, for four months, the New York Times reports. It came as President Biden met with EU leaders in Brussels.

What they're saying: "Today’s announcement resolves a long-standing irritant in the U.S.-EU relationship. Instead of fighting with one of our closest allies, we are finally coming together against a common threat," Tai said.

  • "This deal will shore up the longer-term competitiveness and innovation of a key sector — aircraft — that is one of the most important sources of middle-class jobs at home," she added, saying that the new deal would protect around 1.2 million jobs in that sector.  
  • Tai also warned that the U.S. had the right to reimpose tariffs if the EU failed to uphold its side of the deal: "These tariffs will remain suspended, so long as E.U. support for Airbus is consistent with the terms of this agreement."

Flashback: "The dispute dates to 2004, when EU authorities said Boeing had received $19 billion in unfair subsidies from federal and state governments. The United States filed a similar claim that year over European subsidies to Airbus," CNN writes.

  • In 2019, the Trump administration imposed tariffs of up to $7.5 billion over some European goods after the World Trade Organization declared that the EU had granted unfair subsidies to Airbus.
  • In response, the EU applied tariffs worth $4 billion on U.S. products after the WTO said the U.S. had also unfairly subsidized Boeing.

Go deeper

Sep 20, 2021 - Health

Biden administration to lift travel ban for fully vaccinated international travelers

Photo: Win McNamee/Getty Images

White House COVID-19 response coordinator Jeff Zients announced on Monday that the Biden administration will allow fully vaccinated travelers from around the world to enter the U.S. beginning in November.

Why it matters: The announcement comes as President Biden seeks commitments from countries to donate vaccines to the global COVAX initiative. He is expected to host a COVID summit on the sidelines of the UN General Assembly this week, and many of the countries attending have expressed frustration with the travel ban.

Ben Geman, author of Generate
8 hours ago - Energy & Environment

Key clean power provision likely won't survive in Dems' spending bill

A construction worker walks along a dirt road at the Avangrid Renewables La Joya wind farm in Encino, New Mexico, on Aug. 5, 2020. Photo: Cate Dingley/Bloomberg via Getty Images

A pillar of Democrats' plans to speed deployment of zero-carbon electricity is likely to be cut from major spending and tax legislation they are struggling to move on a party-line vote, per multiple reports and a Capitol Hill aide.

Driving the news: The New York Times, citing anonymous congressional aides and lobbyists, reports that West Virginia Sen. Joe Manchin (D) has told the White House he "strongly opposes" the Clean Electricity Performance Program.

Updated 10 hours ago - World

Fatal stabbing of British MP David Amess declared a terrorist incident

Police outside Belfairs Methodist Church in Leigh-on-Sea, England, on Oct. 15. Photo: John Keeble/Getty Images

Authorities have declared the death of David Amess a terrorist incident, hours after the Conservative Party lawmaker in the U.K. was fatally stabbed while meeting with local constituents in a church in eastern England on Friday.

The big picture: The Metropolitan Police has found "a potential motivation linked to Islamist extremism."