Today, the United States and the European Union made a major breakthrough in the Boeing-Airbus trade dispute, which has lasted more than 16 years. Both the U.S. and EU agreed to suspend our tariffs for five years, and we committed to ensuring a level playing field for our companies and our workers. Significantly, we also agreed to work together to challenge and counter China’s non-market practices in this sector that give China’s companies an unfair advantage. The U.S. and EU will work together in specific ways that reflect our high standards, including collaborating on inward and outbound investment and technology transfer. It’s a model we can build on for other challenges posed by China’s economic model.
This week, at the G7, at NATO, in my meeting with the leaders of the European Union, and in all my bilateral meetings with world leaders, I’ve been making the case that the U.S. and Europe—and democracies everywhere—are stronger when we work together to advance our shared values like fair competition and transparency. Today’s announcement demonstrates exactly how that can work in practice.