The pact will also serve to “rebalance” global semiconductor supply chains, regions said in a joint announcement made after a US, European Union summit held June 15, in Brussels. President Biden represented the US and the European union was represented by the President of the European Council, Charles Michel, and the President of the European Commission, Ursula von der Leyen.

The chip partnership was covered in one paragraph of a 36-paragraph statement entitled: Towards a renewed Transatlantic. The document also covered such issues as Covid-19, more general global health matters, sustainable recovery, climate change, trade, investment and broader technology cooperation.

The leaders agreed to establish an EU-US Trade and Technology Council and to seek to settle a number of outstanding trade disputes.

The Brussels summit was the first EU-US summit since 2014 and the first visit of a US President to the EU institutions since 2017.

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Towards a renewed Transatlantic partnership

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