Berliner Boersenzeitung - Trade tensions overshadow Macron's showy White House visit

EUR -
AED 4.108631
AFN 72.718912
ALL 91.057672
AMD 404.138689
ANG 2.002333
AOA 1027.018171
ARS 1729.020675
AUD 1.621656
AWG 2.01376
AZN 1.909959
BAM 1.9623
BBD 2.256686
BDT 139.622493
BGN 1.955396
BHD 0.423298
BIF 3352.386487
BMD 1.118756
BND 1.435763
BOB 13.446541
BRL 6.151029
BSD 1.120471
BTN 105.220538
BWP 15.434677
BYN 3.355395
BYR 21927.614131
BZD 2.253477
CAD 1.576965
CDF 2595.514018
CHF 0.915886
CLF 0.027676
CLP 1089.229942
CNY 7.469377
CNH 7.462745
COP 3634.311854
CRC 508.137914
CUC 1.118756
CUP 26.891216
CVE 110.631461
CZK 24.354245
DJF 199.524609
DKK 7.475521
DOP 68.082658
DZD 152.34438
EGP 60.323863
ERN 16.781337
ETB 183.895683
FJD 2.534654
FKP 0.837714
GBP 0.834105
GEL 2.903189
GGP 0.837714
GHS 13.098388
GIP 0.837714
GMD 83.349337
GNF 9924.082884
GTQ 8.566376
GYD 235.008454
HKD 8.772763
HNL 30.114216
HRK 7.572869
HTG 146.824481
HUF 362.904219
IDR 20227.10528
ILS 3.543715
IMP 0.837714
INR 104.958595
IQD 1699.429275
IRR 2115962.181879
ISK 136.801282
JEP 0.837714
JMD 177.827184
JOD 0.793248
JPY 176.701327
KES 145.360104
KGS 97.835187
KHR 4564.917673
KMF 494.489717
KPW 1006.880197
KRW 1505.8227
KWD 0.347799
KYD 0.933863
KZT 502.232426
LAK 25207.443957
LBP 100335.927717
LKR 372.606055
LRD 190.571258
LSL 18.529735
LTL 3.303395
LVL 0.676724
LYD 7.17029
MAD 10.957897
MDL 20.027674
MGA 5091.407518
MKD 61.518753
MMK 2348.779066
MNT 4028.825441
MOP 9.049175
MRU 45.236008
MUR 52.670582
MVR 17.220986
MWK 1942.897957
MXN 20.773283
MYR 4.540802
MZN 71.483847
NAD 18.53015
NGN 1509.816716
NIO 41.23669
NOK 10.521328
NPR 168.271169
NZD 1.99359
OMR 0.430195
PAB 1.121114
PEN 3.861692
PGK 5.106565
PHP 70.755733
PKR 309.88721
PLN 4.384796
PYG 7003.819206
QAR 4.097774
RON 5.34374
RSD 117.634953
RUB 92.081868
RWF 1653.81688
SAR 4.207099
SBD 9.004399
SCR 15.485136
SDG 672.932625
SEK 10.994707
SGD 1.431901
SHP 0.837862
SLE 25.675065
SLL 23459.75515
SOS 640.326286
SRD 42.04676
STD 23155.986777
STN 24.570077
SVC 9.80849
SYP 14546.062858
SZL 18.523417
THB 37.472739
TJS 10.341155
TMT 3.915645
TND 3.354411
TOP 2.693695
TRY 56.138502
TTD 7.598536
TWD 36.737143
TZS 2959.106924
UAH 50.759638
UGX 4585.188208
USD 1.118756
UYU 45.099389
UZS 13376.308356
VES 1002.759193
VND 28545.614202
VUV 133.425135
WST 3.118894
XAF 655.957
XAG 0.02122
XAU 0.000272275241
XCD 3.023494
XCG 2.020292
XDR 0.791018
XOF 655.957
XPF 119.331742
YER 264.725556
ZAR 18.395545
ZMK 10070.139615
ZMW 22.767427
ZWL 360.238919
SSP 6427.512117
MXV 2.335285
  • CMSD

    -0.1200

    19.81

    -0.61%

  • JRI

    0.0000

    10.77

    0%

  • BCC

    -1.8200

    74.15

    -2.45%

  • CMSC

    -0.2228

    19.53

    -1.14%

  • BCE

    0.2000

    20.34

    +0.98%

  • RIO

    0.0100

    94.17

    +0.01%

  • AZN

    -2.7400

    161.47

    -1.7%

  • GSK

    -1.1800

    48.17

    -2.45%

  • RBGPF

    0.0000

    65

    0%

  • NGG

    0.8800

    75.82

    +1.16%

  • RYCEF

    -0.7300

    19.08

    -3.83%

  • BTI

    -0.4500

    54.4

    -0.83%

  • BP

    0.4700

    43.99

    +1.07%

  • RELX

    -0.0600

    33.18

    -0.18%

  • VOD

    -0.1800

    16.15

    -1.11%

Trade tensions overshadow Macron's showy White House visit
Trade tensions overshadow Macron's showy White House visit / Photo: Thomas COEX - AFP/File

Trade tensions overshadow Macron's showy White House visit

French President Emmanuel Macron was set to arrive in Washington Tuesday for a rare state visit hosted by Joe Biden, but hard-nosed disagreements about US-EU trade will loom over the pomp and ceremony at the White House.

Text size:

Due to Covid delays, this is the first formal state visit of Biden's presidency and US officials say the choice of France for the honor reflects both deep historical ties and their intense current partnership in confronting Russia over its war in Ukraine.

Biden will host Macron with a full ceremonial military welcome, a poignant visit to Arlington National Cemetery, an Oval Office sit down, a private dinner with their spouses Wednesday and the state banquet on Thursday, where Grammy-award winning American musician Jon Batiste will perform.

Compared to Macron's edgy first experience of a state visit as the guest of Donald Trump in 2018, this trip -- concluding with a stop Friday to the once-French city of New Orleans -- will be a carefully choreographed display of transatlantic friendship.

Certainly the diplomatic furor that erupted last year when Australia canceled a deal for French submarines and instead signed up for US nuclear subs is now buried.

But even with little risk of Trump-style fireworks, Macron has major grievances to air.

- Trade war? -

Top of these is tension over Biden's signature green industry policy, the Inflation Reduction Act, or IRA, which will pump billions of dollars into climate-friendly technologies, with strong backing for American-made products.

Europeans fear an unfair US advantage in the rapidly emerging sector just as they are reeling from the economic consequences of the Ukraine war and Western attempts to end reliance on Russian energy supplies.

Talk in Europe is now increasingly on whether the bloc should respond with its own subsidies for homegrown products, effectively starting a trade war.

"China favors its own products, America favors its own products. It might be time for Europe to favor its own products," French Finance Minister Bruno Le Maire told France 3 radio on Sunday.

Martin Quencez, deputy director of the Paris office of think-tank GMF, said Macron will tell Biden "there's a contradiction between an administration that constantly talks of alliances... and at the same time takes a decision like the IRA that will impact allies' economies."

Another gripe in Europe is the high cost for US liquid natural gas exports -- surged to try and replace canceled Russian deliveries.

Responding to accusations that the United States is effectively profiteering from the Ukraine war, a senior US administration official said this was a "false claim."

The official also played down IRA-related tensions, saying a "very constructive set of conversations" is underway on how to prevent European companies from being shut out.

To underline the importance of the issue for Paris, Macron met with dozens of business executives ahead of his departure to Washington, urging them to keep investing in France. These included representatives from US giants Goldman Sachs and McDonald's.

- Strategizing on China, Ukraine -

The breadth of Macron's entourage -- including the foreign, defense and finance ministers, as well as business leaders and astronauts -- illustrates the importance Paris has put on the visit.

However, at the White House, a senior official said the main goal is to nurture the "personal relationship, the alliance relationship" with France -- and between Biden and Macron.

That more modest sounding goal will include improving coordination on helping Ukraine to repel Russia and the even more vexing question of how to manage the rise of the Chinese superpower.

"We are not allies on the same page," one adviser to Macron told AFP, forecasting "challenging" talks with Biden.

Despite his strong support for Kyiv, Macron's insistence on continuing to maintain dialogue with Russian President Vladimir Putin has irked American diplomats.

The China question -- with Washington pursuing a more hawkish tone and EU powers trying to find a middle ground -- is unlikely to see much progress.

"Europe has since 2018 its own, unique strategy for relations with China," tweeted French embassy spokesman Pascal Confavreux in Washington.

A senior US official said even if their approaches were "not identical," they should be at least "speaking from a common script."

(Y.Yildiz--BBZ)