The Trade Guys
New Export Controls, the Draghi Report, and Plans to Block Nippon Steel Deal
Sep 16, 2024
Mario Draghi, former Prime Minister of Italy, shares insights on the shifting landscape of European economic policy. He discusses the new U.S. export controls on advanced technologies, particularly quantum computing, and their impact on global tech transfer. The conversation dives into Europe’s struggles with attracting investment and innovation while fostering competitiveness against U.S. industrial strategies. Draghi also addresses the political complexities surrounding the blocking of Nippon Steel's acquisition of U.S. Steel, highlighting national security and labor interests.
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Quick takeaways
- The U.S. has implemented stricter export controls on advanced technologies to prevent their access by adversarial nations like Russia and China.
- Mario Draghi's report emphasizes the urgent need for Europe to invest 800 billion euros to improve its industrial competitiveness and attract innovation.
Deep dives
New Export Controls on Advanced Technologies
Recent changes to export controls focus on advanced technologies like quantum computing and semiconductor manufacturing. These new regulations include a presumption of denial licensing standard and a deemed export exception, specifically targeting technologies that might end up in the hands of countries like Russia or China. The controls reflect growing frustrations with the Wassenaar Arrangement, prompting the U.S. to coordinate with several partner countries outside formal agreements. The aim is to expand cooperation among these nations while establishing a framework to impose stricter export restrictions collaboratively.
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