But the breakthrough still leaves some trade friction between the U.S. and the EU unresolved. Most prominently, President Biden kept in place import taxes that President Donald Trump imposed on European steel and aluminum, a move that infuriated some of America’s closet allies three years ago.
For now, the truce in the Boeing-Airbus dispute goes a long way toward repairing a huge commercial relationship — $933 billion in two-way trade last year despite the pandemic — that came under enormous strain during the Trump years. Among other things, the former president angrily charged the Europeans with using unfair trade practices to sell more products to the United States than they bought and of shirking their responsibility to pay for their own national defense.
No trade dispute between the two sides has raged longer than their aviation conflict. Since 2004, the U.S. and the EU have accused each other of unfairly subsidizing their aircraft building giants — America’s Boeing and Europe’s Airbus. Over the past two years, the World Trade Organization, which adjudicates such disputes, declared both sides guilty. It allowed the United States to impose up to $7.5 billion in tariffs and the EU up to $4 billion’ worth.
This story is from the 25, December 2021 edition of Techlife News.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 8,000+ magazines and newspapers.
Already a subscriber? Sign in
This story is from the 25, December 2021 edition of Techlife News.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 8,000+ magazines and newspapers.
Already a subscriber? Sign in
FORD SAYS EV UNIT LOSING BILLIONS, SHOULD BE SEEN AS STARTUP
Ford Motor Co.’s electric vehicle business has lost $3 billion before taxes during the past two years and will lose a similar amount this year as the company invests heavily in the new technology.
CREDIT SUISSE DEAL AVERTED CRISIS, SWISS CENTRAL BANK SAYS
The Swiss central bank hiked its key interest rate Thursday and declared that a government-orchestrated takeover of troubled Credit Suisse by rival bank UBS ended the financial turmoil.
3D-PRINTED ROCKET FAILS JUST AFTER LAUNCH
A rocket made almost entirely of 3D-printed parts made its launch debut Wednesday night, lifting off amid fanfare but failing three minutes into flight — far short of orbit.
WHAT TO KNOW ABOUT NEW RESEARCH ON COFFEE AND HEART RISKS
Coffee lovers — and their doctors — have long wondered whether a jolt of java can affect the heart. New research published Wednesday finds that drinking caffeinated coffee did not significantly affect one kind of heart hiccup that can feel like a skipped beat.
A 2nd Wave of Layoffs at Meta; 10,000 Jobs Are Cut
Facebook parent Meta is slashing 10,000 jobs, about as many as the social media company announced late last year in its first round of cuts, as uncertainly about the global economy hits the technology sector particularly hard.
DON'T LEAVE GLOBAL SOUTH OUT OF GREEN TECH GROWTH, UN WARNS
The majority of developing nations are set to miss out on the economic benefits of booming green technologies, slowing progress toward their climate goals and widening the inequality gap between rich and poor countries, a United Nations report warned Thursday.
EU MOVES ON CLEAN TECHNOLOGY: SUBSIDIES UP, FREE MARKET DOWN
The European Union presented plans to fundamentally revamp its policies on promoting green technologies and dealing with critical raw materials, imposing limits on imports from countries like China while unleashing subsidies and other financial incentives to ramp up home production.
VIRGIN ORBIT PAUSING ALL WORK, REPORTEDLY FURLOUGHS STAFF
Virgin Orbit said Thursday it is pausing all operations amid reports that the company is furloughing almost all its staff as part of a bid to seek a funding lifeline.
BAIDU UNVEILS CHATGPT-RIVAL ERNIE BOT; 650 COMPANIES SIGN UP
Chinese search giant Baidu unveiled its artificial intelligence chatbot Ernie Bot, presenting its rival to the Microsoft-backed ChatGPT in a prerecorded video presentation Thursday that appeared to disappoint investors.
Why TikTok is Being Banned on Gov't Phones in US and Beyond
The United States is ratcheting up national security concerns about TikTok, mandating that all federal employees delete the Chinese-owned social media app from government-issued mobile phones. Other Western governments are pursuing similar bans, citing espionage fears.
What Time is It on Moon? Europe Pushing for Lunar Time Zone
With more lunar missions than ever on the horizon, the European Space Agency wants to give the moon its own time zone.
BOEING BIDS FAREWELL TO AN ICON.DELIVERS LAST 747 JUMBO JET
Boeing bid farewell to an icon this week, delivering its final 747 jumbo jet as thousands of workers who helped build the planes over the past 55 years looked on.
Boeing's 737 Max Can't Shake Its Past
Families of those who died in two crashes are challenging the government's immunity deal
EU OUTLINES PLAN FOR CLEAN TECH FUTURE BOOSTED BY SUBSIDIES
The European Union pushed forward with a major cleantech industrial plan which not only should keep the continent in the vanguard of plotting a greener future but also guarantee its economic survival as it faces challenges from China and the United States.
EU INAUGURATES FIRST MAINLAND SATELLITE LAUNCH PORT
The European Union wants to bolster its capacity to launch small satellites into space with a new launchpad in Arctic Sweden.
News FROM THE WORLD OF MEDICINE
DRINKING COFFEE CAN LEAD YOU TO OVERSPEND
BOEING'S LAST 747 TO ROLL OUT OF WASHINGTON STATE FACTORY
After more than half a century, Boeing is set to roll its last 747 out of a Washington state factory on Tuesday.
Airbus Is Comin
A proposed A220-500 narrowbody jet and the larger A321 could squeeze the US aircraft giant
Left in The Dark
○ Europe’s buying up gas in a big way, causing shortages and blackouts elsewhere
PROBLEM-PLAGUED BOEING SETS AMBITIOUS TURNAROUND TARGETS
Boeing officials vowed this week to significantly increase airplane production and cash flow in the next few years as the company seeks to recover from years of mistakes in its airline and defense businesses.