The EU has reached an agreement with US president Donald Trump, who said global baseline tariffs would be between 15% and 20%. The move follows deals with Japan, the Philippines, Indonesia and Vietnam.
Directives that took effect last month could subject intermediaries to fines and other business costs for non-compliance related to investments in Europe.
Statistics show that what happens in Europe has little bearing on the financial performance of Asian companies. But perhaps now is the time to change that.
Compared to road transport, carbon emissions from aviation are relatively low, but the airline industry could pay dearly for the right to emit greenhouse gases unless it can settle on a global offset scheme.
Commentators at the Paris Europlace Financial Forum in Hong Kong point to a prolonged period of US weakness, a booming Asia and a resurgent European Union.