America is back on the world stage.that is theme President Biden He was repeatedly hit during his first trip abroad this month, and during his first few months in office. The tone has urgently called for U.S. global leadership and partnerships with allies to address global epidemics, climate change challenges, cyber risks, and other threats to economic security. It resonates with business leaders.
But what about trade? A major challenge that requires US leadership also requires rethinking trade policies to break trade barriers, open markets and create jobs. In the face of pandemics, increasing cyber vulnerabilities, and ecological risks, trade can become an essential tool for addressing critical global challenges, and governments must take action. ..
With a flashy announcement that spurred G7 summit And US-EU Summit Meeting Now in the rear-view mirror, is the administration ready to insist on trade interests as it tackles future challenges? Despite some important and welcome progress in Cornwall, trade was not a priority of the Biden administration.
The United States recorded several significant victories at the G7 and US-EU summits — especially Solution The issue of tariff suspension associated with the 16-year-old large commercial aircraft dispute — and ready for future work on trade and technology. Progress in these issues is urgently needed to ensure a solid recovery from the pandemic and to strengthen the competitiveness of the United States. However, the announcements at these summits may seem like a simple part when you think about it later.
For the Biden administration, pandemic response is a top business priority. G7 participants promised additional offers 1 billion vaccines By the end of 2022, it had been sent to developing countries, half from the United States. The rationale is clear. Economic recovery would not be possible without a large global immunization campaign that brings together the private sector and governments around the world.But to accelerate global production, the administration Abandonment of intellectual property For vaccines. This will not only undermine confidence in the safety and efficacy of vaccines, but will also undermine America’s innovation and ability to address future health crises.
Addressing China’s unfair trade practices continues to weigh on world leaders. The G7 has pledged to strengthen cooperation on investment screening and called for a task force on infrastructure finance. Compete China’s Belt and Road Initiative. More trading infrastructure is a positive development, but it must be sustainable and should not be captured by one country.In addition, the Minister of Trade vowed to work Forced labor, Serious concerns without a simple answer. The Byden administration needs to facilitate Chinese policy decision-making, continue consensus building work with global partners, and provide guidance to thousands of US companies operating or sourcing from China.
With United Nations Climate Change Conference (COP26) On the horizon, world leaders have promised to reduce emissions this week About half These pledges will require the business community to promote the development and financing of solutions that can drive global economic growth while reducing emissions. The administration must promote policies that promote this innovation and investment, not only domestically but also in multilateral negotiations.
The United States is in terrible need of a positive open market trade agenda. We know that the Biden administration is a strong negotiator and problem solver, with the ability to lead the coalition to address trade barriers, subsidies and other market-distorting practices. The work should start at home, Tariffs About imports of steel and aluminum. To keep U.S. business competitive, the U.S. also needs to lead standards for developing a common framework that protects cross-border data flow and protects both digital transactions and privacy. there is.New release Transatlantic Trade Technology Council This is a positive step and should be used as a mechanism against Europe Digital policy This is an imitation method that not only discriminates against American companies, but is also beginning to proliferate around the world.
In short, Biden successfully expanded his first summit. However, significant challenges await, and the rate of recovery of the global economy will depend in part on the choices of the administration in the coming months. Without an understanding of trade progress and the benefits it brings to American work and competitiveness, we cannot achieve the prosperity that the administration naturally desires for all Americans.
Myron Brilliant is Vice President and Head of International Affairs for the United States Chamber of Commerce and Industry. He leads the largest international affairs team in the US trade association, representing the Chamber of Commerce and its members in front of US governments, foreign governments, and international business organizations.
Originally Appeared Here