According to the VDMA, Joe Biden's election victory is good news for transatlantic relations. The mechanical and plant engineering industry expects a more predictable policy from the new US President, which will also involve the transatlantic partners in Europe more closely again. Read the statement by VDMA President Karl Haeusgen on the election of the new US President Joe Biden here:

Karl Haeusgen, President of the VDMA

© VDMA/Teichmann

"Today is a good day for transatlantic relations. We expect the new US President Joe Biden to pursue a more predictable policy that will also involve the transatlantic partners in Europe more closely once again. The economic expansion of the USA will characterize the new president's term of office. In the short term, his programme envisages a huge economic stimulus package of 2,000 billion dollars, which includes infrastructure projects as well as the expansion of digitalization and renewable energies. The European capital goods industry should also benefit from this. Cooperation with multilateral organizations such as the WTO would also certainly improve immediately with Joe Biden. The style and character of cooperation with Western allies will quickly improve and become rules-based again.

Nevertheless, all that glitters is not gold. The new US president is likely to continue some of the protectionist trade policies of his predecessor: Government contracts are to be awarded to American companies wherever possible. The situation in China is also unlikely to ease. What we do expect to see, however, and what we are clearly calling for, is an easing of trade tensions with Europe. To this end, punitive tariffs on EU and US products must be mutually abolished and a bilateral EU-US trade agreement concluded that eliminates all industrial tariffs and mutually recognizes conformity assessments."