Dear AmCham Members, Partners and Friends,
Welcome to issue 174 of your AmCham Digital Newsletter!
Over the past several weeks, we all have seen a lot of negative news about the United States! President Trump, his Vice President and cabinet officials, and Elon Musk have all been on the receiving end of continual negative critiques. Based on what we all have been reading in the news media, things really look bad in America and the consequences for the world look troubling…
Missing from all of this is any reporting of the positive news which has been taking place. As a non-partisan pro-business organization, we think you all need the most accurate information for your decision making. So let me share a little of the information we have learned to ensure you have a balanced picture of reality.
Two weeks ago, I spent several days in Brussels with my colleagues from the European AmChams for our annual Transatlantic Conference and the publication of our annual analysis: the Transatlantic Trade and Investment Report. I am pleased to report to you all that transatlantic trade and investment between the USA and Europe continues to grow and continues to be the envy of the world. European companies are the biggest investors in the United States and American investors the biggest investors in Europe… by a continually increasing amount every year and with every calculation of total investments.
Here in Luxembourg this means that US companies pay the salaries of 28,600 employees working and paying taxes in Luxembourg every single month… while Luxembourg companies likewise pay the salaries of 45,000 US based employees every month. The US is the fourth largest trading partner of Luxembourg and the only top ten trading partner which is non-European.
These economic relations are serious, stable and mutually beneficial. The American companies are in Luxembourg because they find it is a good location which provides them with safety, good governance, the opportunity to make profit and the possibility to hold on to their profits. The Luxembourg companies in the USA are there and stay for exactly the same reasons. There are no indications EU and Luxembourg investors have any interest to leave the USA or US companies leave Luxembourg or Europe.
At this conference we heard from a number of EU and NATO officials (including the Foreign Minister of Poland which currently chairs the rotating Presidency of the EU), all of whom were very positive about the present and future relations between the EU and the United States. Mme. Ursula von der Leyen, President of the European Commission, has recently said exactly the same in a strong video statement.
So, be assured the US is not quitting doing business in Europe or leaving NATO and European senior sources have all confirmed they do not want to push the US out. While some countries are lobbying for their domestic European manufacturer companies to get more business selling their own self-developed weapon systems, there is universal agreement it will take a generation to build sufficient capacity for Europe to defend itself, and the cost of so doing will be much higher than the cost of the present NATO alliance. Considering the reluctance of some NATO member countries to pay their jointly agreed 2% of GDP contribution (Luxembourg included), it will take time to see the willingness, viability and speed at which the European NATO countries can build a separate European defense structure outside of and replacing NATO. Hence keeping the NATO alliance together makes a lot of sense for all parties.
Likewise one only has to look at the way the Luxembourg based NSPA operates to understand that NATO manages logistics procurement through weapon system partnership agreements based on the principle of industrial balancing which ensures procurement contract allocation to companies of the partner countries on a basis which represents each countries budget contributions to NATO … and the USA provides free technology access to the weapons system partnership affiliated companies so these companies can do NATO work. This approach has for many years built and continues building industrial capacity within the NATO countries, with the full agreement and support (and indeed subsidy) of the USA! One might wonder why this good news of US support for NATO cooperation building military production capability is not understood or reported in the media we receive…
The AmChams in Europe believe the facts demonstrate the US has been and remains the best friend of Europe (Luxembourg included!) and our shared linked prosperity.
Please take a look at the two videos shared in this newsletter which should help you to understand that the US government is working very hard and fast to correct past mistakes and move forward with renewed strength. Please note that these efforts are revolutionary in their scope and objective and have achieved pledges of four trillion dollars of new investments into the United States along with significant already achieved success reducing governmental waste and costs of an additional one trillion dollars in value… all achieved during only the first several months of the Trump Presidency. Please note also the reporting of the solid popularity and endorsement by the American people supporting Mr. Trump and his policies which are reflected in the CNN and other polling studies mentioned in the videos.
AmCham.lu is committed to serve and promote the best interest of companies and employees of the international and local businesses here in Luxembourg. We want Luxembourg to thrive and be the best place in Europe for International companies, their employees and our Luxembourg friends to live and work.
As part of our efforts, we believe we are well positioned and commit to being a bridge across the Atlantic to connect us together for mutual prosperity and benefit.. If you have any questions or comments about any of this, please know I am at your service (Paul@amcham.lu).
Our interview this week is with Serge Nickels the driving force behind government funded digital education of Luxembourg students of all ages to help them acquire the skills and knowledge to work and thrive in this dynamic and absolutely critical and growing knowledge and skill domain. Please read, learn and be inspired by his vision and success. My compliments to Serge for what he and his team have already done and continue to do.
Please enjoy the delightful Carrot Cake Cheesecake recipe offered later on in this Newsletter for your pleasure by Bibi Wintersdorf and her team at Kachen!
The AmCham team and I are working very hard to bring you exceptional events and information over the coming months throughout this year. Some of these events are posted later on and more are in works so watch this space in future newsletters. We likewise work hard to engage with decision makers to protect and enhance your best interests. If you are not yet a subscriber to our free newsletter, please sign-up HERE. If you are not yet a member, please know your company is more than welcome to join us. You can find all of the relevant information on our website or HERE. Or please contact me personally (Paul@amcham.lu).
My respect and kindest regards,
Paul Schonenberg
Chairman and CEO
AmCham.lu