JOE BIDEN, EU CHIEF SIGNAL THAW ON TRADE TENSIONS

During meetings in the Oval Office, Joe Biden EU Chief Signal Thaw on Trade Tensions; the two leaders stated that negotiations will start to grant EU producers of essential minerals access to the US market as part of Biden’s well-known initiative to support climate-friendly sectors.

They also promised to work together more broadly as the economies of the US and the EU shift to the burgeoning electric car and other green industries.

Throughout the last year, Biden and Von der Leyen have closely collaborated to develop a response to Russia’s invasion of Ukraine. Von der Leyen is the head of the European Union Commission.

The cooperation to assist Ukraine, according to Biden, heralded “a new era.”

However, they said in a later joint statement that although Russian President Vladimir Putin “thought he would separate us, we are more unified than ever. For as long it takes, we stand as one in our unshakable support for Ukraine.

The Inflation Reduction Act (IRA), a government spending binge that supports US production in climate-friendly technology, is causing difficulties in Europe, nevertheless.

The EU is developing its own sets of incentives, such the Green Deal Industrial Plan, to boost the nascent industry amid concern in the EU that the subsidies’ “made in America” stipulation will harm European-based energy and car industries.

In their joint statement, Biden and von der Leyen claimed to have made headway towards reaching an agreement to begin discussions about a possible exemption for European companies looking to export vital minerals for electric car batteries.

Today, we decided to focus on giving crucial raw commodities access to the American market as if they had been sourced from the American market. These materials have been produced or processed in the European Union. After meeting with Biden, von der Leyen said to reporters, “We will work on an accord.

The White House said that “challenges posed by the People’s Republic of China” featured prominently in the talks.

America has been pressuring European countries to oppose China more forcefully, both politically and economically. The EU is nonetheless anxious to prevent a rift with China, leaving the transatlantic partners split over how to proceed.

According to Elvire Fabry, an analyst at the Paris-based Institute Jacques Delors, the White House meeting was an opportunity for von der Leyen to demonstrate the EU’s readiness to cooperate with Washington, “but not in the role of follower, especially when it comes to China.”

“The European position is based on wanting to maintain its own line concerning Beijing.”

China was just briefly mentioned by Biden and von der Leyen in their joint statement.

Reference:

https://arynews.tv/joe-biden-eu-chief-signal-thaw-trade-tensions/