A highlight from About those wine and cheese tariffs

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In los angeles. I'm rozelle it is wednesday today. The ninth day june. Good as always to have you along everybody. We begin today with industrial policy manufacturing and technology artificial intelligence in this digital age as well. And what may well be the government's biggest investment in american industrial policy. Ever the senate has passed as you've surely heard the us innovation and competition. Act with a surprising shocking. Really amount of bipartisan support. An indicator of how important congress thinks this is a quarter of a trillion. Doesn't really sound like much when compared to all the virus relief bills right but two hundred fifty billion dollars as real money and as marketplace's sabrina finish your reports. There is some real strategic industrial. Need here to. China's government has an explicit national policy. Saying it wants to be the world leader in things like artificial intelligence. It's throwing lottery sources at this and scientists and politicians in the. Us are concerned. Daniel castro is with the information technology and innovation foundation the. Us is doing pretty well right now in this global race day and so the challenge isn't really where we are today versus where we're gonna be in ten years. Us government funding for basic research has been declining for decades. There's no question that we need to be investing more especially in this moment when we're being challenged by global competitors like china caleb what is with the progressive policy institute the senate would increase the national science foundation budget by thirty percent only a small portion of that increase goes to general scientific research most twenty nine billion dollars over five years goes to a new technology directorate focused on ten specific cutting edge areas that includes artificial intelligence samuel hamid. The niskanen center says the government could and should spend more the technology record. Original idea was to provide one hundred billion dollars over five years but in the process of this moving through congress that was really curtailed is really cut back. He says there are other areas of american scientific research that need major overhauling the fact that scientists get government grants have to spend forty percent of their time applying for in managing those grants to a highly bureaucratic process. Others point out that the us trains. The world's brightest science students but doesn't have a visa program to reliably keep them here. Rafael rife is president of. Mit we are on a science technology race for the future. It is with size on technology that we address things like goweid and the biggest challenges. The won't has the health of our economy our security that is key to all of your involved in this millennium countries. Don't get much by conquering territory. The war for your country's prosperity is fought in the lab and the marketplace in new york. I'm sabrina sure for marketplace the big headlines out of president biden's trip to europe that started today are going to be geopolitics. That is just the way presidential trips. Go and we get that around here but spare a thought. Would you for trade. Because i'll tell you what the white house is specifically the tariffs that the us in the european union are still hitting each other with on everything from airplanes. The motorcycles hard liquor and by the way consumers are still paying. Those tariffs marketplace's. Nancy marshall genzer has more on how both sides are looking for a trade war. Truce fond of provolone a fan of bordeaux then you felt the sting of tariffs i will confess that we purchase a lot of wine and cheese in our household lynn fisher. Fox's partner in trade lawyer at the law firm of arnold and porter. She's been following a trade dispute over europe. Subsidies for airbus and us support for boeing that resulted in twenty-five percent tariffs on certain european products like wine and cheese and you tariffs on. Us goods and these huge volumes. Don really important products for both countries. likely caused political pressure. The two sides have already agreed to suspend these tariffs until july now. The eu is calling on president biden to work toward resolving the aircraft dispute during a meeting next week. But don't on-court that french champagne yet. The two sides are also bickering over. Us tariffs on steel and aluminum. Jennifer home in is a senior fellow at the council on foreign relations. All steel and aluminum coming in from the european union is being assessed a twenty five percent tariff on steel and a ten percent tariff on aluminum. Hillman says there's talk of a self-imposed december first deadline. For resolution of the steel and aluminum dispute wendy cutler vice president of the asia society policy institute says. Even a little nudge from president biden would be significant as a former trade negotiator when the president of the united states. As do everything you can to resolve a dispute. The pressure's on to find a solution. Otherwise those tariffs on eu products. That were suspended will snap back and you'll pay even more for your bordeaux in provolone. I'm nancy marshall. Genzer for marketplace wall street was fine today a little up little now the real thing you want to be keeping an eye on is inflation. The consumer price index comes out. Tomorrow morning it's gonna be up maybe a lot year on year because last year was terrible. And this year isn't spoiler alert by the way all the headlines and newscasts. You're going to hear about it until you hear us. Of course we are not going to know for like months a lot of months whether rising prices are here to stay or and this is the magic word. Transient wall street. I mentioned

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