BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - US Trade Representative Jamieson Greer warned that the U.S.-EU deal to pause duties on certain EU imports is at risk following a record-breaking $3.4 billion loan from the European Investment Bank to Airbus.
In a statement issued on Monday, Greer said that despite ongoing requests, USTR still hasn't received any details about this loan. 'This situation injects substantial uncertainty into transatlantic trade in the aerospace sector. It is important this situation is resolved as soon as possible to ensure market-driven production in the aerospace sector and to avoid violation of the terms of our hard-won LCA deal,' he added, referring to terms of financing large civil aircraft projects.
The top U.S. trade official insisted that the situation should be resolved as soon as possible.
The European Investment Bank, the European Union's official lender, announced a $3.4 billion loan to the European aircraft manufacturer in June to boost its research and development.
US-EU feud over alleged aircraft subsidies was eased in 2021, with both sides agreeing to a five-year deal that suspended billions worth of import duties. The truce was extended in July.
'I had sincerely hoped that trade-distorting European subsidies to Airbus were a thing of the past,' said Ambassador Greer. 'For decades, France, Germany, and Spain have aggressively supported Airbus, their national champion aircraft manufacturer, to gain an unfair advantage over U.S. aerospace workers and businesses. After winning at the WTO and imposing significant U.S. duties on EU imports in response, USTR struck a deal with the EU to pause those duties in exchange for a mutual commitment to provide financing to large civil aircraft (LCA) producers on market terms. Yet, this summer, almost immediately after the EU extended this pause, the European Investment Bank awarded Airbus its largest loan ever to benefit Airbus projects in France, Germany, and Spain,' he added.
A fresh dispute over aircraft financing could revive the long-running rivalry between Airbus and Boeing and risk transatlantic trade truce.
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