Washington and Brussels to bury the hatchet on Boeing-Airbus dispute for five years

Brussels and Washington have decided to shelve their often acrimonious spat over the subsidies granted to their aircraft manufacturers for five years.

Reports said the deal was expected to be announced when US President, Joe Biden, met his European counterpart, Ursula von der Leyen.

Thus far, the World Trade Organisation had authorised US tariffs worth $7.5bn against goods from the European Union, even as it gave Brussels the nod for $4bn-worth of tariffs of its own.

In reaction to the resports, as of 1308 BST shares of Airbus were changing hands at $112.94, trading up by 0.48% on the day.

Stock in Boeing meanwhile was being called to start the Tuesday session 0.42% higher at $246.28.