Smart Take | The US and EU Tackle Transatlantic Trade and Tech Issues
This week, the US-EU Trade and Technology Council (TTC) meets to try and make progress on trade, technology, and security issues. Mark Kennedy, Director of the Wahba Institute for Strategic Competition, comments on key TTC focus areas, concerns about what’s being left out of the meeting, and advancements officials hope to make ahead of EU Parliamentary elections in June.
The US and EU Tackle Transatlantic Trade and Tech Issues
What they're hoping for in June is to have advances on a six industry roadmap, a report on a joint task force on quantum computing and some minor expansions on mutual recognition. The big deliverable, if it can be accomplished for June, which will be a discussion tomorrow, is can we reach agreement on a critical minerals agreement so that the Europeans can benefit from the IRA subsidies?
A key concern is what's not happening at the TTC. The steel and aluminum dispute has been punted until 2025. There's a new artificial intelligence act that was passed in Europe, and that's of some concern. But of even greater concern is that there is a new digital marketing act that many think unfairly discriminates against the US and some worry that the U.S. helped the E.U. promulgate that new act.
But also, there are proposed EU regulations on standard essential patents that would weaken the value of these patents, and a worry that that would harm the incentive for innovation. And finally, digital trades and cards are stalled and there's an expiration of a moratorium on duties on electronic transmissions.
So you've got a lot going on that’s of concern, but not enough forward momentum in the TTC that makes some believe that we need something more robust for a collaborations with Europe.
At the same time, depending on how things happen this November, we may have less collaboration. So a lot to keep an eye on here in the US-EU collaboration on trade technology.
Hon. Mark Kennedy (US Congress, 2001-07 MN), Director of the Wilson Center’s Wahba Institute for Strategic Competition, also serves as an appointed Civic Leader supporting the Secretary of the Air Force and as President Emeritus of the University of Colorado. Kennedy is dedicated to strengthening America’s alliances, and the technology, trade, infrastructure, and energy foundations of its economic and global leadership. Mark applies experiences as a first-generation college graduate, corporate executive, presidentially appointed member of the Advisory Committee for Trade Policy and Negotiations, founder of the Economic Club of Minnesota and author of an Ivy League published book. He has engaged wide cross-sections of society in over 45 countries, including refugee camps, war zones, 50 military bases and three aircraft carriers at sea.Read More
Wahba Institute for Strategic Competition
The Wahba Institute for Strategic Competition works to shape conversations and inspire meaningful action to strengthen technology, trade, infrastructure, and energy as part of American economic and global leadership that benefits the nation and the world. Read more