The U.S. and European Union have agreed to suspend tariffs relating to a long-standing World Trade Organization (WTO) Aircraft dispute for four months, following a similar deal announced Thursday between the U.S. and U.K.
The Hill reports that European Commission Ursula von der Leyen said she and President Biden struck the deal in a Friday phone call.
The suspension will cover $11.5 billion-worth of traded goods, including $4 billion from EU tariffs on U.S. goods and $7.5 billion that former President Trump had imposed.
U.S. Wheat Associates (USW) and the National Association of Wheat Growers (NAWG) welcomed the announcement. This break removes the tariff barrier on U.S. hard red spring wheat imports by EU countries.
"We want to thank the Biden Administration and the Office of the U.S. Trade Representative for reaching this agreement," USW President Vince Peterson and NAWG CEO Chandler Goule said in a joint statement. "Our organizations encourage both parties to come to a long-term resolution to avoid future tariffs and supply chain disruptions."
