How Leaders in the EU and U.S. Influence the Economy, Trade, and Technology

The United States and Europe are collaborating more closely now than ever due to the current Russo-Ukrainian War. The United States and European countries are taking a unified leadership role in finding new technology and trade platforms while creating a solution to high-profile foreign trade irritants.

During the U.S. Chamber of Commerce’s fourth annual Transatlantic Business Works Summit, ambassadors to the U.S. from Poland, Germany, and Ireland shared insights on transatlantic cooperation in an ever-evolving geopolitical and global commercial landscape.

The Perception of Russia Has Undergone Intense Changes

Marek Magierowski, Ambassador of Poland to the United States, believes Russia has always been a powerhouse, but this perception was ruined after the county's attack on Ukraine in February 2022.

“Russia was perceived for many years as a reliable commercial partner — a gas supplier, a seller of an endless array of raw materials … to Poland," he said. "Now, this perception has crumbled big time.”

Transatlantic cooperation will continue to play a huge role in mitigating the global impact of the ongoing war between Russia and Ukraine.

“It’s a big mistake if we don’t now grasp the powerful force that EU-U.S. cooperation is not just for international prosperity and economic growth,” said Geraldine Byrne Nason, Ambassador of Ireland to the United States. “For global peace and stability, there is no other couple — if I can call us that — on the international stage, which can deliver.”

Europe Has a Plan to Revitalize Economic Growth 

Inflation remains an issue in countries around the world. Magierowski says Poland has never been stronger than it is now, politically and economically, and is looking toward investors to help inflation rates.

“It’s not only about Poland; it’s not only about Romania, the politics, but also about Germany, France, and Sweden,” he said. “Europe has always been a magnet for foreign investors, and I believe in that it will remain in the same role for at least the foreseeable future.”

However, Emily Haber, Ambassador of Germany to the United States, expects a slight recession early next year. The government has seen this as a chance to invest in renewable energy.

“The government adopted what we call the Eastern Package, which is to accelerate a transition to renewables,” Haber said. “The goal [is] that by 2030, 80% of electricity generation comes from renewables. [The government has] also taken a number of steps to streamline regulation and to make decisions easier.”

Transatlantic Countries Face Challenges Due to Opposing Geostrategies 

The ambassadors noted that countries such as China have become more systemic rivals because their tools and instruments go against a democratic way of living. Additionally, there are mutual interests between these countries and which leads to reciprocity and vying for market success.

“I​​gnoring China would simply harm [us] because China is too big to ignore on climate issues or on health issues and on many other global challenges,” Magierowski said. “Even if our ambition level is fairly low, the aspect of partner cannot be completely eclipsed on these issues.”

Nason also noted there is hardly a country in Africa that doesn’t have economic influence from China.

“Equality, fundamental promotion of respect, anti-racism, xenophobia  — all of that is the stuff I think of [regarding] the shared moral values in which we have built our societies,” Nason stated. “And if the EU and the U.S. are cooperating on those, countries like China and Russia have opponents that are worthy of, at least of being heard from. So I think that it’s a really, really critical relationship.”