Atlantic Council / is on Nostr

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Last Notes

2024-09-15 20:57:46

The case for a comprehensive US-EU economic agreement
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The US and EU face shared challenges including predatory economic practices, deindustrialization, supply chain vulnerabilities, digital economy transition, and climate change; a comprehensive US-EU economic agreement is proposed to address these issues; past trade agreements like the Transatlantic Trade and Investment Partnership faced failures due to disputes; unilateral measures have been taken by both sides, such as the US Inflation Reduction Act and EU's carbon border adjustment; the agreement should have three pillars: addressing third-country practices, improving regulatory cooperation, and ensuring stakeholder input; L. Daniel Mullaney and Bruce Stokes emphasize the need for transatlantic coordination to avoid past failures and tackle future challenges; the article was published on September 15, 2024.
#UseuRelations #TradeAgreement #EconomicCooperation #RegulatoryCooperation #StakeholderInput #China #ClimateChange #SupplyChain #DigitalEconomy #Transatlantic
https://www.atlanticcouncil.org/blogs/new-atlanticist/case-for-a-comprehensive-us-eu-economic-agreement/

2024-06-20 17:12:43

What the end of petrodollars means
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Saudi Arabia announced on June 13, 2024, that it won't renew the landmark agreement with the US to sell oil exclusively in US dollars. The agreement, signed in June 1974, ensured that the dollar dominates the global oil trade. The end of the petrodollar reflects changes in the global balance of power and the trend toward de-dollarization. The US-Saudi petrodollar agreement was made during the Nixon administration to stabilize the dollar amid economic and political uncertainty. The agreement promoted the use of the dollar in oil and commodities trading and strengthened its position as the world's key reserve currency. However, the US's global position has weakened, and many countries have sought alternative cross-border payment arrangements to reduce their vulnerability to US economic and financial sanctions. The US has become less dependent on Saudi oil due to the shale revolution, while China has become Saudi Arabia's largest oil customer. Saudi Arabia's decision to diversify the currencies used in selling its oil aligns with its strategy to expand international relations beyond the US and Europe. The end of the petrodollar marks a small but symbolic step toward de-dollarization, as countries increasingly use their own currencies in cross-border trade and investment transactions. The dollar's dominance will remain in the foreseeable future, but a gradual democratization of the global financial landscape may be underway, with more local currencies being used for international transactions.
#Petrodollars #SaudiArabia #UsDollar #Dedollarization #GlobalFinance #OilTrade #Currency #CrossborderPayments
https://www.atlanticcouncil.org/blogs/econographics/what-the-end-of-petrodollars-means/

2024-04-19 20:38:10

Experts on the REPO Act: A good deal for the United States and for Ukraine
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Speaker Mike Johnson introduced three bills on April 17 to provide aid to Ukraine, Israel, and the Western Pacific, and a fourth bill that includes provisions of the REPO Act among other policies. The REPO Act would provide a legal basis for the transfer of Russian state assets in the United States to Ukraine to compensate for the damage Moscow has inflicted on Ukraine in its war of aggression. Approving the provisions of the REPO Act provides additional resources to Ukraine to help Ukraine win this war and successfully rebuild its economy afterwards. Ambassador Robert Zoellick, former President of the World Bank, former US Deputy Secretary of State, and former US Trade Representative, supports the REPO Act as it uses Russia's own money to help Ukraine resist Putin's aggression. Elina Ribakova, Nonresident Senior Fellow at the Peterson Institute for International Economics, believes that the REPO Act is a brave and principled act by the US Congress. Ambassador Daniel Fried, Weiser Family Distinguished Fellow at the Atlantic Council and former State Department Coordinator for Sanctions Policy, argues that Russia should pay for the consequences of its war of aggression against Ukraine and the REPO Act provides authority to the US Government to use Russian sovereign assets to benefit Ukraine. Anders Åslund, Senior Fellow at the Stockholm Free World Forum, sees the REPO Act as an important precedent that makes clear that Russia has to pay war reparations for the damage it causes through military aggression. John E. Herbst, senior director of the Atlantic Council's Eurasia Center and former US ambassador to Ukraine, supports the REPO Act as it provides additional resources to Ukraine without undermining the international financial system and the role of the dollar. The article also mentions other related articles and experts' views on seizing Putin regime assets and making Russia pay for the invasion of Ukraine.
#RepoAct #UnitedStates #Ukraine #RussianAggression
https://www.atlanticcouncil.org/blogs/ukrainealert/experts-on-the-repo-act/

2024-04-11 17:25:05

Experts react: Biden pursues an ambitious global agenda with Japan and the Philippines. Can they deliver?
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US President Joe Biden welcomed Japanese Prime Minister Fumio Kishida to the White House for a state visit and an ambitious agenda. More than seventy agreements were announced, covering everything from upgrading defense cooperation and increasing investment to launching a lunar mission. On Thursday, the two leaders will join Philippine President Ferdinand Marcos, Jr. for a trilateral meeting focused on countering Chinese pressure in the South and East China Seas. Defense cooperation took center stage in the US-Japan meeting, with plans to modernize command-and-control structures and establish an integrated air- and missile-defense network. The trilateral summit aims to coordinate on maritime security cooperation and strengthen deterrence against Chinese aggression. However, discussions on strengthening supply chains in critical minerals like nickel were absent. The upgrade of the US-Japan alliance will depend on the details of closer integration of US and Japanese forces. The US is driving security cooperation in the Indo-Pacific but needs to do more on economic security, particularly in Southeast Asia. The Nippon Steel acquisition of US Steel presents a challenge for Biden as he tries to balance commitments to American workers and strengthening ties with Japan. The leaders' meetings should be seen in the context of broader and ongoing military cooperation between the US, Japan, and the Philippines.
#UsjapanRelations #UsphilippinesRelations #DefenseCooperation #MaritimeSecurity #EconomicSecurity #China #NipponSteel #MilitaryCooperation
https://www.atlanticcouncil.org/blogs/new-atlanticist/experts-react/us-japan-and-the-philippines-can-they-deliver/