Tai explained that both parties have agreed, within the framework of this pact, to be clear about what is "acceptable support for large civil aeronautical manufacturers" and to initiate a cooperative process to address that support.

Another point of the arrangement between the US and the EU is "Overcome differences against China."

In that regard, both parties have committed to collaborate in a "meaningful way to confront investments in the aeronautical sector by non-market players in our economies," said Tai.

The Airbus-Boeing dispute is one of the longest in the history of the World Trade Organization (WTO): It began in 2004 when the complaint process began for the subsidies granted by both parties to these two large companies.

The WTO declared such aid illegal and in 2019 allowed former US President Donald Trump (2017-2021) to impose retaliation on EU products worth 7.500 million dollars (6.172 million euros).

A year later, the EU responded with tariffs on US exports valued at 4.000 million dollars (3.292 million euros).

Suspension of tariffs

Last March, the US and the EU agreed to suspend those tariffs for four months, until July 11, to allow time to negotiate a solution.

The dispute between the two had affected 113 product categories of the Spanish food and beverage industry which represent 53,1% of the products exported to the US, and which are among the 20 most sold products to that country, according to the platform of sectors affected by the tariffs.

Exports of these agri-food products have fallen to a large extent between November 2019 and February 2021, the period in which such tariffs were applied, compared to the period without tariffs between November 2017 and February 2019.

The US announcement came shortly before President Joe Biden, who is in Brussels, participates in a summit between his country and the EU, before leaving for Geneva tomorrow to meet with his Russian counterpart, Vladimir Putin. .