New US President Biden - a good day for transatlantic relations
The election victory of Joe Biden is good news for transatlantic relations. The mechanical and plant engineering industry expects a more predictable policy from the new US president, which will also involve the transatlantic partners in Europe more closely again.
Commenting on the election of the new US President Joe Biden, VDMA President Karl Haeusgen said:
"Today is a good day for transatlantic relations. We expect from the new US President Joe Biden a more predictable policy, which also involves the transatlantic partners in Europe more closely again. The economic expansion of the USA will shape the term of office of the new president. His programme provides for a huge short-term economic stimulus package of 2000 billion dollars, which includes infrastructure projects as well as the expansion of digitalization and renewable energies. The European capital goods industry should also benefit from this. Also the US-cooperation with multilateral organizations such as the WTO would certainly improve immediately with Joe Biden. The style and character of cooperation with Western allies will improve rapidly and become rule-based again.
However, not all that glitters is gold. The new US president is likely to continue the protectionist trade policy of his predecessor in parts: Government contracts shall be awarded to American companies whenever possible. No easing of tension is to be expected with regard to China either. But what we are positive about and clearly demand is that trade policy with Europe should be conducted with a friedlier tone. To this end, punitive tariffs on EU and US products must be reciprocally abolished and a bilateral EU-US trade agreement must be concluded which eliminates all industrial tariffs and mutually recognises conformity assessments.