⊂ EUROPE ⊃
Boeing-Airbus trade spat: The EU has hit back at new US proposals to target European goods with tariffs, following a World Trade Organization (WTO) ruling over subsidies for Airbus. Trade tensions between the EU and US flared after the US said it was considering $11 billion worth of retaliatory tariffs on a range of goods in response to illegal subsidies the EU granted to the European aerospace firm Airbus. The WTO ruled last year that these allowances had caused adverse effects to the US, with the decision coming after a long-running litigation battle between the Washington and Brussels over their respective aviation giants. A list of goods targeted for the levies from the US Office of Trade Representation (USTR) singles out aircraft and aerospace parts made in the UK, France, Germany and Spain – the key national partners in Airbus. The EU Commission said Tuesday that Brussels was ready to retaliate in kind. The EU is still waiting to hear from the WTO about what retaliation rights it has after the organization found in 2012 that Boeing too had received billions of dollars in illegal subsidies that had been to the detriment of Airbus.
China promises EU market opening: At a European Union-China summit on Tuesday in Brussels, the EU said a joint statement signaled important Chinese concessions over curbing subsidies to domestic industries and facilitating market access for foreign companies. European Council President Donald Tusk pointed to China’s agreement to discuss reform of the World Trade Organization’s rules on industrial subsidies, which he termed a breakthrough. The summit was meant to address the growing rift between the EU and China. On China’s treatment of foreign investors, the EU has been frustrated by the slow pace of talks with Beijing since 2013 on a bilateral investment accord that would scale back Chinese market barriers for European companies. An investment agreement is an EU condition for starting negotiations with China on a free-trade accord. Both sides said on Tuesday said that a far-reaching investment deal could be reached in 2020.
bloomberg.com, nytimes.com, euractiv.com
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⊂ QUOTES ⊃
“If you approach a problem in this way, then failure is preprogrammed.”
Günter Verheugen, a former vice-president of the European Commission, has criticized the EU’s negotiation strategy during Brexit talks.
⊂ COUNTRIES ⊃
IMF cuts global growth outlook: The International Monetary Fund has cut its outlook for global growth to the lowest since the financial crisis amid a bleaker outlook in most major advanced economies and signs that higher tariffs are weighing on trade. The IMF said the global economy will likely grow 3.3% this year, the slowest expansion since 2016. More than two-thirds of the expected slowdown owes to trouble in rich nations. The fund said some major economies, including China and Germany, might need to take short-term actions to prop up growth and that a severe downturn could require coordinated stimulus measures. The UK economy is predicted to grow by 1.2% in 2019, down 0.3% from the IMF forecast in January. The forecasts for the UK are based on the expectation of an orderly Brexit – with a deal – from the EU later this year. A no-deal Brexit would be more costly.
bloomberg.com, reuters.com, bbc.com
German wind turbine maker files for insolvency: A German court on Tuesday approved an application for insolvency from wind turbine manufacturer Senvion, although the company said it was also continuing to look at new funding options. The Hamburg-based company, which has more than a billion euros of debt, said it had applied for preliminary self-administration proceedings because refinancing discussions with lenders had not yet been successful. Senvion has faced delays and penalties related to big projects, while the wind industry as a whole has seen falling prices and increased competition as it moves away from governments guaranteeing generous fixed subsidized tariffs for power toward an auction-based system that favors the lowest bidders.
⊂ JOB-BOARD ⊃
politjobs.eu: Alfa Fellowship Program seeks Young German, British, and American Leaders *** FTA seeks Regulatory Affairs Advisor (m/f) *** Bayer seeks Trainee (m/f) *** ISN seeks Advocacy Officer (m/f) *** Politico seeks Lobbying Reporter (m/f) *** EGEC seeks Trainee (m/f) *** Facebook seeks Public Policy Manager (m/f) *** Google seeks Public Policy and Government Relations Manager (m/f) *** DEKRA offers Internship (m/f) *** European Friends of Amernia seeks Communications and Media Engagement Officer (m/f) *** International Crisis Group seeks Analyst (m/f)
politjobs.eu, politjobs.eu/submit (Inserat schalten)
⊂ MALFUNCTION ⊃
No artwork in Merkel’s office: The German-Danish artist Emil Nolde, whose work was once labeled “degenerate” by the Nazis in the 1930s, was himself a staunch National Socialist. Which is assumed to be why German Chancellor Angela Merkel has decided to ban two paintings by Nolde from her office, returning the loaned works to the Berlin State Museums’ collection. The move comes as two exhibitions grappling with Nolde’s conflicted history are set to open in Germany.