Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

U.S. Chamber group urges quick U.S., EU action to end tariffs, adopt privacy shield

Published 09/06/2021, 22:51
Updated 09/06/2021, 22:55
© Reuters. FILE PHOTO: The United States Chamber of Commerce building is seen in Washington, D.C., U.S., May 10, 2021. REUTERS/Andrew Kelly/File Photo

© Reuters. FILE PHOTO: The United States Chamber of Commerce building is seen in Washington, D.C., U.S., May 10, 2021. REUTERS/Andrew Kelly/File Photo

By Andrea Shalal

WASHINGTON (Reuters) - The U.S. Chamber of Commerce on Wednesday urged the United States and European Union to quickly resolve their disputes over steel and aluminum tariffs and aircraft subsidies, and adopt a new privacy shield to better coordinate digital policy.

The largest U.S. business lobbying group mapped out its recommendations in a four-page memorandum sent to U.S. officials as President Joe Biden began his first trip abroad, an eight-day mission to rebuild trans-Atlantic ties strained during the Trump era and to reframe relations with Russia.

U.S. and EU officials are expected to launch a new trade and technology council during the summit that will set compatible standards and facilitate trade in fields such as artificial intelligence and data flows, according to U.S. and EU sources.

In its memo, which was seen by Reuters, the Chamber said Biden's June 15 summit with EU leaders was the right occasion to launch such a platform and align on clear shared priorities.

Doing so, it said, could help advance economic recovery "by eliminating existing barriers to transatlantic commerce, preventing new barriers, and establishing joint approaches on foundational and emerging technologies."

Closer cooperation would allow the two sides to craft more coordinated and effective responses to "countries that do not respect global trade rules and norms and pose significant threats to our security and values," an apparent reference to Russia and China.

EU trade chief Valdis Dombrovskis told reporters on Wednesday that Brussels hoped the visit would help bring a rapid end to trade disputes and foster better ties.

U.S. and EU officials will commit to ending the nearly 17-year dispute over subsidies to aircraft makers Airbus SE and Boeing (NYSE:BA) Co before July 11, while setting a Dec. 1 deadline to end punitive tariffs related to a steel and aluminum trade dispute, according to a draft communique.

The Chamber said both sides should also agree to a new U.S.-EU privacy shield to facilitate better coordination on digital policies, a vital step needed to "give companies the legal certainty they need when transferring data across the Atlantic."

The two sides should also agree to a "first, do no harm" principle on new regulations and new preferential trade agreements with third countries, the Chamber said.

© Reuters. FILE PHOTO: The United States Chamber of Commerce building is seen in Washington, D.C., U.S., May 10, 2021. REUTERS/Andrew Kelly/File Photo

It said the new council should have twice-yearly meetings at the senior level, with a formal mechanism to allow for structured business input.

The goal, it said, should be to strengthen bilateral relations, boost competitiveness and innovation, and meaningfully address shared concerns with third countries.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.