As Donald Trump is leaving the White House, the European Union wants to ally with the U.S. The main plan is to meet the “strategic challenge” posed by China. The plan is in the draft version to recover the transatlantic agreement, including new co-operation on everything, but mainly digital regulation and tackling the Covid-19 pandemic to fighting deforestation.

Mentioned draft says: “As open democratic societies and market economies, the EU and the US agree on the strategic challenge presented by China’s growing international assertiveness, even if we do not always agree on the best way to address this. Using our combined influence, a transatlantic technology space should form the backbone of a wider coalition of like-minded democracies.”

Draft from EU also includes vision of data protection rights, increased competition in the sector and reform of the taxation of it will require action against the big mainly tech American companies that dominate the industry.

Negotiations between the EU and US on the Summit is planned in the first half of 2021 as the moment to launch the new transatlantic agenda.

Performance of the Eurostoxx 50 index (Source: Tradingview.com)