1. Introduction 1

2. A bit of history 3

3. Clearing the brush 4
3.1. Airbus-Boeing 4
3.2. Steel and aluminium 4

4. The current state of play 6
4.1. The Trade and Technology Council 6
4.2. The Inflation Reduction Act 8
4.3. The Chips and Science Act 13

5. The European response 14
5.1. The debate over subsidies 20
5.2. Trade policy 25

6. Looming issues 31
6.1. Export controls 31
6.2. Privacy 33
6.3. Critical minerals 33
6.4. CBAM 38
6.5. Artificial intelligence 39

7. Potential for future technological cooperation 40

8. Elections and post - election politics in the US and the EU 41