EU and US reach deal to end Airbus-Boeing trade dispute

It comes as Joe Biden met with EU leaders in Brussels (Michel Euler/AP)

The United States and the European Union have reached a deal to end a damaging dispute over subsidies to rival plane makers Boeing and Airbus and phase out billions of dollars in punitive tariffs, the US trade envoy said.

US Trade Representative Katherine Tai said the two sides have come to terms on a five-year agreement to suspend the tariffs at the centre of the dispute.