Trade Wars Harm Consumers, Experts Say Cooperation is the Best Approach: Interview
The economic tensions and regulatory differences between the United States and the European Union have been a growing concern. In light of this, the Consumer Choice Center has put forth a policy paper that aims to strengthen transatlantic ties through innovation, consumer-friendly regulations, and mutual economic benefits. Instead of escalating into a regulatory trade war, the paper suggests aligning incentives, promoting digital innovation, and enhancing consumer welfare on both sides of the Atlantic.
To delve deeper into the ideas presented in the paper, we interviewed three experts from the Consumer Choice Center. Yaël Ossowski, Eglė Markevičiūtė, and Zoltán Kész shared their insights on how smart, cooperative regulations can lead to shared prosperity and avoid protectionism.
One key proposal in the paper focuses on a consumer-focused approach to U.S.-EU trade. Yaël Ossowski highlights the importance of effective tax reforms and deregulation to attract investments while maintaining consumer interests. Eglė Markevičiūtė emphasizes the need for strategic autonomy in the digital domain without compromising transatlantic cooperation.
Regulatory convergence between the EU and the US is also discussed, with Eglė Markevičiūtė suggesting that open dialogue and collaboration are crucial, especially in areas like AI, cybersecurity, and digital trade. U.S. tech companies are encouraged to play a role in advocating for regulatory interoperability with the EU.
The discussion also touches on the potential benefits and risks for Central and Eastern European economies like Hungary under a deepened US-EU partnership. Zoltán Kész points out the opportunities for Hungary, such as better market access, cheaper imports, and participation in global supply chains, while also highlighting potential challenges related to trade wars and energy dependencies.
Overall, the paper emphasizes the need for collaboration and smart regulations to promote prosperity, reduce reliance on Russian energy, diversify supply chains, and maintain competitive pricing. By working together, the US and EU can create a more prosperous and secure trading bloc that benefits both consumers and businesses.
