Berliner Boersenzeitung - Biden, Macron pledge 'unwavering' alliance, but trade dispute looms

EUR -
AED 4.284503
AFN 77.077368
ALL 96.672535
AMD 444.268837
ANG 2.088356
AOA 1069.812202
ARS 1666.951235
AUD 1.755223
AWG 2.099959
AZN 1.977594
BAM 1.958282
BBD 2.348677
BDT 142.67084
BGN 1.958842
BHD 0.439657
BIF 3445.467236
BMD 1.166644
BND 1.510615
BOB 8.058214
BRL 6.356688
BSD 1.166078
BTN 104.846244
BWP 15.492637
BYN 3.352535
BYR 22866.217636
BZD 2.345263
CAD 1.611893
CDF 2603.949043
CHF 0.936867
CLF 0.027523
CLP 1079.732385
CNY 8.248289
CNH 8.244613
COP 4474.067141
CRC 569.622013
CUC 1.166644
CUP 30.91606
CVE 110.405889
CZK 24.214831
DJF 207.653207
DKK 7.468667
DOP 74.634602
DZD 151.273095
EGP 55.344765
ERN 17.499656
ETB 180.875365
FJD 2.63714
FKP 0.874627
GBP 0.874563
GEL 3.144117
GGP 0.874627
GHS 13.264757
GIP 0.874627
GMD 85.164683
GNF 10132.80021
GTQ 8.932437
GYD 243.968192
HKD 9.076121
HNL 30.71293
HRK 7.536985
HTG 152.653493
HUF 381.862915
IDR 19474.784235
ILS 3.771351
IMP 0.874627
INR 105.17941
IQD 1527.629771
IRR 49130.280577
ISK 149.003932
JEP 0.874627
JMD 186.64658
JOD 0.827088
JPY 181.000109
KES 150.848748
KGS 102.023311
KHR 4668.917998
KMF 492.323307
KPW 1049.978797
KRW 1710.652425
KWD 0.358124
KYD 0.971828
KZT 589.724967
LAK 25286.943606
LBP 104425.214634
LKR 359.684369
LRD 205.24279
LSL 19.763266
LTL 3.444796
LVL 0.705691
LYD 6.339035
MAD 10.770352
MDL 19.841064
MGA 5201.59318
MKD 61.718495
MMK 2449.482257
MNT 4138.521318
MOP 9.351013
MRU 46.501943
MUR 53.782159
MVR 17.948159
MWK 2022.063027
MXN 21.188759
MYR 4.794321
MZN 74.559923
NAD 19.763266
NGN 1691.446479
NIO 42.914211
NOK 11.778815
NPR 167.75163
NZD 2.015712
OMR 0.447547
PAB 1.166178
PEN 3.919768
PGK 4.948251
PHP 68.736353
PKR 326.920482
PLN 4.229381
PYG 8020.165807
QAR 4.250542
RON 5.09217
RSD 117.549501
RUB 89.447988
RWF 1696.650557
SAR 4.378528
SBD 9.602169
SCR 15.76892
SDG 701.729618
SEK 10.946788
SGD 1.510938
SHP 0.875285
SLE 27.662086
SLL 24463.93409
SOS 665.243216
SRD 45.066272
STD 24147.170324
STN 24.530989
SVC 10.20389
SYP 12899.390409
SZL 19.748031
THB 37.140688
TJS 10.699299
TMT 4.09492
TND 3.42078
TOP 2.808998
TRY 49.655234
TTD 7.9058
TWD 36.31996
TZS 2852.443816
UAH 48.955252
UGX 4125.211153
USD 1.166644
UYU 45.608396
UZS 13950.742787
VES 296.971426
VND 30758.562652
VUV 141.585177
WST 3.253316
XAF 656.789501
XAG 0.020047
XAU 0.000277
XCD 3.152913
XCG 2.101655
XDR 0.816835
XOF 656.789501
XPF 119.331742
YER 278.303287
ZAR 19.749998
ZMK 10501.191496
ZMW 26.960173
ZWL 375.658814
  • RBGPF

    0.0000

    78.35

    0%

  • BP

    -1.4000

    35.83

    -3.91%

  • SCS

    -0.0900

    16.14

    -0.56%

  • CMSD

    -0.0700

    23.25

    -0.3%

  • BTI

    -1.0300

    57.01

    -1.81%

  • AZN

    0.1500

    90.18

    +0.17%

  • GSK

    -0.1600

    48.41

    -0.33%

  • NGG

    -0.5000

    75.41

    -0.66%

  • RELX

    -0.2200

    40.32

    -0.55%

  • CMSC

    -0.0500

    23.43

    -0.21%

  • RIO

    -0.6700

    73.06

    -0.92%

  • JRI

    0.0400

    13.79

    +0.29%

  • BCE

    0.3300

    23.55

    +1.4%

  • VOD

    -0.1630

    12.47

    -1.31%

  • RYCEF

    -0.0500

    14.62

    -0.34%

  • BCC

    -1.2100

    73.05

    -1.66%

Biden, Macron pledge 'unwavering' alliance, but trade dispute looms
Biden, Macron pledge 'unwavering' alliance, but trade dispute looms / Photo: SAUL LOEB - AFP

Biden, Macron pledge 'unwavering' alliance, but trade dispute looms

President Joe Biden greeted President Emmanuel Macron at the White House on Thursday with full-scale military honors and a pledge to uphold the "unwavering" US-French alliance ahead of talks on Ukraine, China and a looming trade dispute.

Text size:

Service members from the marines, army, air force and even a detachment of soldiers in 18th century Revolutionary War garb paraded in front of the White House. Artillery fired off a 21-gun salute, sending puffs of white smoke into the clear, chilly December sky.

Standing on a red-carpeted podium with Macron, Biden said "France is our oldest ally, our unwavering partner in freedom’s cause."

Like Biden, Macron noted that the two countries had stood side by side through many wars. Referring to the Western alliance helping Ukraine to confront the Russian invasion, Macron said "we need to become brothers in arms once more."

The two presidents then met in the Oval Office for discussions on Ukraine, handling the rise of China and European fears that Biden's economic policies will lead to a trade war.

Biden and Macron were then to give a joint press conference before winding up the day with a lavish dinner featuring French favorites of wine and cheese -- but in both cases American-made.

- Subsidies dispute -

The visit symbolizes how Washington and Paris have buried last year's bitter spat over the way Australia pulled out of a French submarine deal in favor of acquiring US nuclear subs instead.

However, Macron has made clear, in unusually blunt language, that he is not just in Washington for the niceties.

On his first day of the visit Wednesday, when he toured NASA headquarters, Arlington National Cemetery and met US lawmakers, the French leader surprised his hosts with a bitter attack on Biden's signature policy to boost the US green economy, saying it would "kill" European jobs.

On Thursday, right before arriving at the White House, he repeated his criticism in an ABC television interview where he said Biden's policy would remove "a level playing field."

The legislation, called the Inflation Reduction Act or IRA, is set to pour billions of dollars into environmentally friendly industries, with strong backing for US-based manufacturers. The White House touts the IRA as a groundbreaking effort to reignite US manufacturing and promote renewable technologies.

However, European Union governments are crying foul, threatening to launch a trade war by subsidizing their own green economy sector.

"The consequence of the IRA is that you will perhaps fix your issue but you will increase my problem. I'm sorry to be so straightforward," Macron said on Wednesday, warning Biden could "split the West."

The White House responded by insisting that European companies have nothing to fear from the IRA.

US advances in the clean energy economy will help Europeans too, White House Press Secretary Karine Jean-Pierre said. The IRA "presents significant opportunities for European firms as well as benefits to EU energy security. This is not a zero-sum game."

- Menu and music -

Aside from the trade dispute fireworks, most of the visit revolves around kindling the long, if often slightly prickly US-French diplomatic friendship.

On Wednesday evening, Macron and his wife Brigitte joined Biden and First Lady Jill Biden at an upscale Washington Italian restaurant.

The state dinner at the White House will return grand-scale entertainment to Washington in a way not seen since the Covid-19 pandemic shut down the capital's typically busy schmoozing scene.

Grammy-award-winning American musician Jon Batiste will perform at the banquet, which the White House said will kick off with butter-poached Maine lobster, paired with caviar, delicata squash raviolo and tarragon sauce.

The main course features beef and triple-cooked butter potatoes, before leading to the cheese course of award-winning US brands, and finally orange chiffon cake, roasted pears with citrus sauce and creme fraiche ice cream.

Washing all that down will be three different wines -- all from US vineyards.

- China high on agenda -

Trade tensions, however, are only part of the uncomfortable flip side to the red carpet occasion.

Another gripe in Europe is the high cost of US liquid natural gas exports -- which have surged to help compensate for canceled Russian deliveries.

There is also divergence on how to deal with the rise of superpower China. The 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.

White House National Security Council spokesman John Kirby said China will be "very high on the agenda" this week but stressed that both countries share a broad approach.

"We believe that not only France, but every other member of the G7 -- frankly, our NATO allies too -- see the threats and challenges posed by China in the same way."

(F.Schuster--BBZ)