Consultations were launched on tech regulations by US-EU

The first meeting of the US-EU Trade and Technology occurred in a former steel building in Southeast Pittsburgh that has been converted into a research and development centre for AI and robotics.

FREMONT, CA: Trade and competition officials from the United States and the European Union launched a new forum to compete with China. The main objectives of the forum were to protect sensitive technologies, enhance semiconductor supplies, and coordinate regulation of huge technological companies. The US-EU Trade and Technology Council conducted its first meeting in a former steel mill building in Pittsburgh which has been converted into a research and developmental centre for Artificial Intelligence, robotics and advanced manufacturing.

The draft on US-EU initiatives, which includes a more coordinated approach to restrain Big Tech’s rising market power, was originally reported by Reuters. With regulators on both sides of the Atlantic attempting to rein in the growing dominance of American internet behemoths like Alphabet's Google, Facebook, Apple, and Amazon.com Inc, such cooperation has become crucial. The council plans to discuss matters like chip shortages, Artificial Intelligence and tech competition issues. Several Washington-based IT trade associations have stated that the industry does not want the European approach to digital regulation to be emulated in the US. The Information Technology and Innovation Foundation find it critical for US companies to vigorously defend US economic interests in the TTC.  Moreover, the companies are not allowed to gloss over real differences in privacy rules, artificial intelligence regulations, antitrust laws, digital taxation and content moderation. The United States and the EU share several goals for Artificial Intelligence like curbing its use for surveillance and repression. However, the TTC has offered help and is a forum that provides a common ground for discussing issues and addressing differences.

The EU was willing to consider similar agreements made by Canada and Mexico in 2019 that eliminated US tariffs on their steel and aluminium products exported to the United States. An agency had implemented the US metal tariffs and also conducted a meeting with the European allies to find ways to restrain China’s non-market behaviour, including dumping underpriced steel into US and European markets.