American Hour with the Peterson Institute for International Economics
For our last American Hour, members-only fireside chat series that took place on Wednesday, 3 June, we had the pleasure of welcoming Chad Bown, Economist, Peterson Institute for International Economics and Reginald Jones, Senior Fellow, Peterson Institute for International Economics. The conversation was moderated by Taggart Davis (JP Morgan), Chair, Transatlantic Task Force and Vice-Chair, Board, AmCham EU.
Chad Bown described the difference between the 2008 financial crisis and today’s pandemic. He insisted that there is a stark difference in the response by the international community shown during the two crises. Participants also discussed trade remedies and how these tend to be used by governments during economic recessions. It was concluded that there is a strong possibility that many governments will start using countervailing duties (ie, anti-subsidies tariffs) and raise tariffs between countries worldwide to counter the upcoming recession.
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Stressing the importance of open trade in Strasbourg
From Tuesday, 16 to Wednesday, 17 June, AmCham EU travelled to the European Parliament in Strasbourg, France for a series of meetings on EU trade and external affairs policy developments. The delegation engaged with Members of the European Parliament and political group advisers to share business perspectives on the future of the EU-US relationship. Discussions focused on the need to reset transatlantic trade and investment ties, strengthen Europe’s competitiveness and preserve open, rules-based markets. Members also highlighted the importance of avoiding tariffs, reducing regulatory complexity, deepening cooperation on economic security, critical supply chains and digital policy as well as ensuring that resilience measures remain proportionate, predictable and open to trusted partners.
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Implementing the EU-US Joint Statement
With the EU having formally adopted the tariff reductions agreed under the EU-US Framework Agreement, the two sides now have an opportunity to enter a new phase.
The agreement has the potential to help restore stability and predictability for citizens and businesses on both sides of the Atlantic and provide the basis for continued collaborationbetween the EU and US. The goal should be to bring their shared $9.8 trillion commercial relationship to a more constructive place, focusing on cooperation where interests align.
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