The European Union has imposed tariffs of up to $ 4 billion on US imports, in response to US subsidies for Boeing. The tariffs, which were approved by the World Trade Organization, went into effect on Tuesday and cover items such as tractors, ketchup, orange juice, and sweet potatoes. Despite this, the EU is hopeful that trade relations with the US may improve under the presidency of Joe Biden. The EU is also open to discussions to abolish the tariffs, which were initiated due to a long-standing dispute over government support for Boeing and European competitor Airbus.