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MIAMI, FL - MARCH 14: A grounded American Airlines Boeing 737 Max 8 is seen parked at Miami International Airport on March 14, 2019 in Miami, Florida. The Federal Aviation Administration grounded the entire United States Boeing 737 Max fleet. (Photo by Joe Raedle/Getty Images)

The U.S. 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 U.S. trade envoy said. U.S. Trade Representative Katherine Tai said the two sides have come to terms on a five-year agreement to suspend the tariffs at the center of the dispute. She said they could be reimplemented if the U.S. companies are not able to “compete fairly” with those in Europe.