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rent4country

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President Biden on Tuesday announced a truce in a long-running trade war with the European Union, saying it was time to put aside the fight and focus together on the growing trade threats posed by China.

His Brussels stop at EU headquarters was the latest part of his mission to mend ties with allies that were strained by the go-it-alone approach of his predecessor before he sits down with Russian President Vladimir Putin in Geneva.

"I've been making the case that the U.S. and Europe — and democracies everywhere — are stronger when we work together to advance our shared values like fair competition and transparency. Today's announcement demonstrates exactly how that can work in practice," Biden said in a statement.

Biden also launched a trade and technology council during his session with Ursula von der Leyen, president of the European Commission, and Charles Michel, president of the European Council.




The United States and EU have fought for 17 years over the use of tools such as subsidized loans and tax breaks to support the aerospace sector. In 2019, the World Trade Organization ruled that both sides were breaking the rules.


The WTO authorized the United States to apply tariffs on $7.5 billion of imports from the EU per year — tariffs that affected not only aircraft, but items such as wine and cheese. At the time, then-President Donald Trump called it a "big win."

The WTO also allowed the EU to apply tariffs on $4 billion of U.S. exports.

In March, shortly after Biden took office, U.S. and EU negotiators agreed to suspend the tariffs for four months. The new truce extends the suspension by five years.


U.S. Trade Representative Katherine Tai told reporters the deal was a model for trade spats in other sectors that China has roiled.

While she did not specifically mention the U.S. tariffs on European steel and aluminum exports, those Trump-era tariffs also were spurred by Chinese metals flooding markets.

European allies were particularly offended when Trump slapped tariffs on their exports of steel and aluminum justifying them as being needed to protect U.S. national security.

Those tariffs remain. Biden said his administration has not had enough time to work them out. Asked on Sunday how he justified keeping the Trump-era tariffs, Biden bristled. "A hundred and twenty days. Give me a break. Need time," he said.

The two sides hope to resolve the dispute by the end of the year, they said in a statement after the summit.


Trade deals are one of many areas the Biden administration needs to flesh out to be able to show gains from its approach to foreign policy.

While Biden brought allies at the G-7, NATO and EU on board with the concept of taking a tougher stance on China, there are few details on how that will happen.

There may have been convergence around the idea that "China is the challenge of our time, and that countries that are like-minded have to work together," said Bonnie Glaser, a China expert at the German Marshall Fund of the United States.





 

aziqbal

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UK will lead Europe

2 x Ultra Modern giant aircraft carriers

7 x Astute Class Hunter Killer Submarines

4 x SSBN Vanguard Class soon to be replaced by Dreadnaught Class

and not to mention the Type 45 which is the most advanced destroyer to ever sail which can intercept any known anti-ship missile

yes France has DDG yes Italy has DDG but none come close to the Type 45 Daring Class

its software and interception capability is second to none

a truly capable air defence DDG and USN roundly calls on it for air cover
 

Chakar The Great

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UK will lead Europe

2 x Ultra Modern giant aircraft carriers

7 x Astute Class Hunter Killer Submarines

4 x SSBN Vanguard Class soon to be replaced by Dreadnaught Class

and not to mention the Type 45 which is the most advanced destroyer to ever sail which can intercept any known anti-ship missile

yes France has DDG yes Italy has DDG but none come close to the Type 45 Daring Class

its software and interception capability is second to none

a truly capable air defence DDG and USN roundly calls on it for air cover


Its not about military power any more.

Its all about economics. The politics and wars of future ( as in the past) would be purely for new markets, trade routes, connectivity and new business models.
 

PakFactor

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Its not about military power any more.

Its all about economics. The politics and wars of future ( as in the past) would be purely for new markets, trade routes, connectivity and new business models.

You need both components soft and hard power -- more so hard power to protect key soft powers of a nation's economy and people.
 

Clutch

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Its not about military power any more.

Its all about economics. The politics and wars of future ( as in the past) would be purely for new markets, trade routes, connectivity and new business models.

It always is. Never has a toothless tiger been king.

Strong Economy and Strong Military go hand in hand. One complements the other.

Anything else is just hippie pipedreams for suckers....
 

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