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Understanding 9/11tv Treasury Secretary in Frankfurt on the U.S.- European Economic Alliance CSPAN May 22, 2024 5:22am-5:53am EDT
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>> i remain grateful to the frankfurt school for this honorary doctorate andograe to thank the professors and minister for overwhelmingly kind words. the audience today, students, faculty and many others. as the professor described, i began my career as an academic and i greatly appreciate the opportunity to speak to those who were committed to thinking deeply and whose ideas shape policy. and that is the caseere. the frank further school has, ford on putting ideas into practice such as partnership with
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the united nations environment and i understand this is also an institution that very much rooted here in germany is internationally oriented as well with students from five continents and nearly 100 countries. i'm enormously honoro receive this and i also believe this is a fitting placesp a topic aligned with the school's global orientation in cutting-edge work, namely the transatlantic alliance. since the start of the biden administration, the transatlanticlliance has delivered for the american people an europe and for the global economy. and i we can have these issues go fur.the issues i'll st
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today from security to sust growth, to the shifting global economic landscape are issues where the strength of our alliance matters for americans and europeans'liv. the transatlantic underpinned the post-world war ii order. u.s. and europe share a commitment to democratic values from individual liberty to the rule of law and from our response to the cold war to our response to russia's invasion of ukraine, we h for our citizens can live inng them free asse the benefits that brings. our alliance has bee critical to global peace and security. for decades, its strength has
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deterred those like otherwise who pursued aggressive action. we at it's the stability and securit enables us in the u.s., germany and throughou much of europe to live largely without of widespread conflict close to home and inve and plan for the future. our strong partnership has also brought tremendous economic benefits, not just indirectly from the security, but directly from trade and investment. the u.s. and e.u. are each other's largest trade and investment partners with two-way trade in goods a services totalling $1.4 trillion and combined foreign investment lling over $5 trillion.
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mi i germany, spain and the u.k. are one of countless examples. and u.s. exports to the e.u. support nearly two million ameran jobs. our alliances has had economic impacts far beyond our borders, including throu the financial institutions that have ay critical role in supporting macroeconomic stability, alleviating poverty and fueling sustainable transforming countries and lives. put simply, the transatlantic alliance h divered for americans, europeans and many others. and the united states has been committed to advancing it throh multitay laterallism most notably through g-7, nato and u.s. relations in the e.u.
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and bilateral relationships between the u.s. and european countries including, of course, germany. the u.s. eope have taken action at key moments when world events have demanded that we step up and jointly lead. an have maintained a near constant drumbeat of communication and collaboration that infor daily policy making processes in the u.s. and europe. despite this long and important history, presidenten inherited transatlantic alliance that had been threatened and weakened by attacks on the vaes of nato and rejection of multi laterallism. this turn inward underlines the foundation of stability and security. it m missed economic opportunities for american firms
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and workers and it fails to heed the urgentr joint leadership to address the global challenges that threaten our collective economic future, such as the covid pandemic and possibility of future global health emergencies and climate , president biden reversed course. he directed to rebuild relationships with key partnersr parts of the world. in the face of those who still try to fracture our world and unprecedented global challenges, we're building on the transatlantic aiance's history and taking decisive action. let'sk about what was accomplished and what i believe we should across three key issues.
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bolsring security, driving sustainable growth and navigating a shifting global economic landscape. i'll start with our joint work to bolster security, which is a prerequisite for growth. we collaborated bolster security through nato forcas, bc collaboration is crucial too and response to russia's invasion to ukraine is a powerful example. this collaboration started long before the invasion on february 24, 2022. but it tremendously increased i. when the united states begang ts considering an invasion, we immedi recognized the possible grave consequences for ukraine, for europe and for the rest of the world.
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we russia's role as a of europe's oil and natural gea invasion wouldn't just pose a threat to ukraine's territorial integrity but disastrously impact europe's energy markets and lead to economic spillovers. u.s. did what committed partners do in such a situation. sharing. in the months leading up to the potential invasion and minister mentioned this, ministries of finance, central banks and policy makers across the u.s. and european governmentsprecedem andco channels, forming a
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shared view of r and to take whatever action would be within the first week post-invasion, the united states had sanctioned over 80% of russia's banking sector by assets and the united states and partners had immobilized foreign assets asinc then, our global cn has haddd successes because we placed a premin collective action across all aspects of our response. take the price cap on russian oil. the u.s. understood the need to disrupt russia's revenue, but we saw the market impact in restrictions could have. so we worked with european counterparts through countless
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meetings and trips across the atlantic to design and launch a novel tool that leveraged our market share and services key to the oil trade and would constrict russia's revenues while kee g oil markets stable. because of our careful andnt work, the price cap worked. russia's oil tax revenue was nearly 30% 2023 than in 2022. russia, of course, took action in response to evade the price cap. but we again turto power of collective response working jointly to tighten enforcement. this, too, is making progress. energy market participants, analysts and russia's top energy official have linked our increase enforcement activities
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to the increased discount on russian oil. the same is true of our february, 2022, the united has sanctioned over 4,000 individuals and entities as part of our effort to hold russia accountable for its war in ukraine while pursuing an unprecedented level of coordination with the. we have also stood together in providg economic and humanitarian support for ukraine. u.s. and european support packages have bolstered and complemented one another. and this is critical to ukraine sustaining its resistance onhe front lines and the home front. let me bear, it is also critical for the security of the
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american and european people. if we stand by as dictators violate territorial integrity andwnt the international rules-based order, they have no reason at their initial targets, keep going. russia and its broughtal aggression thinks it can outlast our collective resolve. when the dictator takes action that threaten our people and economy and rules-based order, . our countriesd strengthen this order over decades and we will defend it. over the past three years, we have acted joint to bolster our security in other contexts as wel in the middle east, conflict is destroying lives and livelihoods
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across the region and causing head winds to regional economies. treasury has usedheconomic tools at our disposal issuingncn connection with iran, 400 individuals, entities, tankers and aircraft who support the terrorism, proliferation of drones and missiles and human rights violations. we are hartened our european allies have acted decisively as well including in the iran's attack in april. we have been to providing critical humanitarian aid to the palestinians in gaza. investment screening is another area where close collaborati thn countries has crucial
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investments. since 22e.u. countries have taken legislative arelatedt screen all but three are all implementing investment screening reviews. this matters, as our collective national securitisrely enhanced when our partners have. as we look ahead, the nee for collaboration and coordination will only increase. we need to continue cracking down on russian sanctions evasion, including through parties and sensitive goods that originate in the u.s. and. it's also critical that we ensure ukraine has it needs to equip i military,
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fund critical services and rebuild in the medium to long-term. that's why i believe it is vitally urgent that we collectively find a unlock the n assets to the benefit of ukra wf conversation during g-7 meetings this week. in the middle east, we must stay stay in cloudy skies coordination as we take close actions to target iranianeg and its proxies in providing humanitarian aid. with regard to invenrity, the ug forward with implemeg a program addressing the risks related to u.s. out-of-bound investment in sensitive technolobut again, these risks t unique to us and we encourage our partners and allies
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including europeanouries to do the same. i applaud those jurisdictions through the publicly announced work on this and the u.s. stands ready to support these and other efforts to safeguard our collective national security. these are just a few ahead. all of it will matter for our people and economies. without security, people live in fear and key foundation of the global economy is threatened. with it, we have a key of more prosperous and global growth. along side bolstering security, the u.s. and europe have been jointly sustainable growth, working to advance energy security, global economic opportuni progress towards our climate
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goals. following russia's invasion, the united states responded to the threat to■q european energy security by increasing l.n.g. exports to the european union with the volume of exports tripling from 2021 this inaibles europe tre russiae maintaining stability for i people. it brought benefits to the u.s. as the lge supplier of l.n.g. to europe and we showed putin that he had miscal instead of fracturing, our coalition found a path forward. but in the immediate to long both know that bolstering energy security will depend on driving sustainable growth. we need clean energy economies
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that are less vulnerable to shocks including from geo politics and we need to build these economies in ways that expand economic opportunity. president biden has made this a top priority. at home, the infla r act is fueling investments in manufacturing and clean energy and expanding economic opportunities acrossnited states. this firsthand in my travels, from solar the batter built emerging across the midwest and south, we are creating good jobs in american communities that hasn't had historically the economic opportunities they deserve. is n towards american protectionism. we are not creating jobs just at
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home. u.s.-e.u. trade exceede $2 billion in 2022 and european countries can be leaders in this area. the processing of equipment in the factory i vited in much is supplied byny's central firm and one example of potential opportunities foreuro. the u.s. is investing in europe l, through bill gates' break-through energy. as we produce more in the u.s., we will drive down globally and benefiting economies around the world. germany has been creating opportunities as well. government policy could drive demandor renewable energy by
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putting in place tariffs to solar, to driving community-ba projects to committing to phase out coal. germany generated more than 50% of its like that for renewables in 2023 and it's a leader techn. the frankfurt school's focus on climate is one example of what's happeningcr education institutis ve 1,000 new degree programs in renewable energy and energy efficiency. today's students will drive tomorrow's&e innovation. along side increasing energy security and cating opportunity, our collective efforts are getting uslor to our climate goals. we are in a new era and response to climate change.
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for decades the economics and politics of climate action were characterized by a belief that climate change a textbook countries were incentivized toos while people everywhere suffered the costs. but in recent years, there has been a fundamental paradigm shift. the transition to green energy is now increasingly recognized opportunity of the 21st century with an estimated over $3 trillion investmentw and 2050. achievg r climate goals is compatible with increasing energy security and driving growth. as we look ahead, ts scope for more in
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which will further these objectives. this is working and we welcome similar actione wod including the european green deal. weke working together to improve critical mineral supply chains including through the mineral securityartnership and ongoing efforts on the u.s.-e.u. mineral agreement. we should collaboration to further decarbon to create investments from our finance agenc to share policies and harmonize climate disclosure. like security, driving sustainable growth matters for americans andnsaking us more resilient and moreus. and it will save usro a dire
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are climate increases threatening our lives and livelihoods and our children's futures, we have noice but to jointly lead. the world has d tremendously in my liti and will continue to evolve. the u.s. and europe are two pillars of the free world. we have together led and adapted through many changes and we must continue to collaborate as we navigate a shifting global economic landscape. this includes our a to the peoples republic of china. e and europe both recognize that china's tremendous rise from representing 3% of the global economy to 20% means that ithe l
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economy. guided by president biden, i have worked to put u.s.-china relationship on sure footing for thbe■< of people around the world. as i rte emphasized, we do not seek to decoup will. we seek toe diversify. and it was said the same emphasizing the need to derisk. our critical mineral sup chains are currently overconcened china. we saw the danger during the covid pandemic and in the aftermath of russia's invasion. so the united states has pursued an approach iave lled french line to deepen economic ties with ae rae of partners and allies to build resilient
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supply chains to advance our en and economic security and engaged directly with china areas where the u.s. and europe along with many others are concerned by china's actions from its pursuit of economic coercion to macroeconomic imbalancees that are leading to industrial overcapacity. following my trip to china in april where i laid these -- raised these issues with my counterparts, president macron and others have done the same. industrial overcapacity not only poses a threat to firms in the u.s. and europe, it could also prevent countries around the world including emerging markets from building the industries power their growth.
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the united states announced targeted steps as a result of section 301 review and e.u. and other countries are using their authorities to investigate and consider remedies to china's actions as well. our work to evolve the international financial architecture is our rt to navigate global shifts. the u.s. and europe built the bretton woods institutions and we now have the responsibility to make sure they are fit for t. multi lateralhave called to development banks including to address climate challenges and push for reform of the sovereign debt architecture. our european allies have been essential partnershis process
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which is already bearing fruit. we have launched initiatives with the g7 such as the partnership for global infrastructure and investment which is mobilizing hundreds of billions of dollars for quality infrastructure and we align 130 countries to endorse a global minimum tax that will end the race to the bottom and support workers around the world. we have been coordinating the face inhnogical change including the rise of artifial intelligence. many economists believe that ai will bring a significant productivity boost to the global economy. taking advantage of this massive opportunity will might debating the risksill require
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coordinated action through the g-7 and u.s.-e.u. technology council even if the exact approaches we pursue differ. that's why international engagement was a core pillar of president biden's executive order on ai. the treasury will work with our allies and partners to further our ongoing work to offer ai on the financial sector and to build semiconductor supply chains is critical to leadership and artificial intelligence. together, we must make sure that then tits of ai include not just todvance countries but to all countries. as we lookhe, we will look to stay coordinated pursue further work in each of these areas. like bolstering security and
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driving sustainable growth, navigating these shifts matters for everyay americans and europeans. china'sustrl policy may seem remote as wein this room, but if we do notond a way the viability of businesses in both our countries and around the world could be at risk. support to lower and middle-income countries and to workers around the world is essential for this global tificial intelligence is not yet affected all as pets of lives but have strategic and action mean that when it does, it is to our people's benefit. i'll end what president biden said shortly after assuming the
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presidency. thetnerip between europe and the united states in my view, hes anmust remain thenef all we hope to accomplish in the century as we did in the 20th century. as treasure secretary i am committed to make sure our alliance continues to deliver to increased security and bring prosperity for americans and europeans in the an uncertain world. thank you again to tra school for this enormous honor and to all ou being here today.
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