Bruno Le Maire, Minister of the Economy, Finance and the Recovery and Franck Riester, Minister Delegate for Foreign Trade and Economic Attractiveness, attached to the Minister for Europe and Foreign Affairs, welcome the agreement reached between the European Union and the United States enabling the mutual suspension of all punitive tariffs in the Airbus-Boeing dispute for an initial period of four months.
The European Union will thus suspend the extra tariffs which it has been imposing since 10 November on $4 billion of American products. In return, the United States will suspend the extra duties imposed since 18 October 2019 on $7.5 billion of European exports, including $3.2 billion in French products, as well as extra sanctions on $1.6 billion of European products imposed last December by the United States.
As a result of this agreement, the United States will, among other measures, suspend the extra duties of 25% on French wine and spirits exports, and of 15% on our aeronautical products.
This four-month suspension will be used to find a permanent resolution to the dispute, thus ending sanctions for good. The European Union and the United States can now move forward and set new rules governing public support for the aviation industry to provide better protection against unfair competition and distortions linked to industrial subsidies, as used by China in particular.
This agreement is all the more commendable as these trade sanctions were particularly detrimental to our economies amid the unprecedented ongoing crisis. It is an excellent sign for French and European companies and for transatlantic economic and trade cooperation.
Private Office of Bruno Le Maire
+ 33 (0)1 53 18 41 13
presse.mineco at cabinets.finances.gouv.fr
Private Office of Franck Riester
+ 33 (0)1 43 17 73 20
presse.comext at diplomatie.gouv.fr