and European Union (EU) leaders reached an agreement Tuesday to end the 17-year trade dispute over subsidies to Boeing and Airbus, officials said.

The development, which was announced as Biden participated in a U.S.-EU summit in Brussels as part of his first trip overseas as president, is likely to improve relations between the U.S. and Europe at a time when they are collectively trying to counter China’s rise.

“Today’s announcement resolves a longstanding trade irritant in the U.S.-Europe relationship,” U.S. Trade Representative

told reporters on a call.

“Instead of fighting with one of our closest allies, we are finally coming together against a common threat,” she continued. “We agreed to work together to challenge and counter China’s non-market practices in this sector in specific ways that reflect our standards for fair competition. This includes collaboration on inward and outbound investment and technology transfer.”

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