Airline deal eases US-EU tensions
Despite the truce, conflicts still remain
BRUSSELS – The deal the United States and the European Union reached Tuesday to end their long-running rift over subsidies to Boeing and Airbus will suspend billions in punitive tariffs. It will ease trans-atlantic tensions. And it will let the two sides focus on a common economic threat: China.
But the breakthrough still leaves some trade friction between the U.S. and the EU unresolved. Most prominently, President Joe Biden kept in place import taxes that President Donald Trump imposed on European steel and aluminum, a move that infuriated some of America’s closet allies three years ago.
For now, Tuesday’s truce in the Boeing-airbus dispute goes a long way toward repairing a huge commercial relationship – $933 billion in two-way trade last year despite the pandemic – that came under enormous strain during the Trump years. Among other things, the former president angrily charged the Europeans with using unfair trade practices to sell more products to the United States than they bought and of shirking their responsibility to pay for their own national defense.
No trade dispute between the two sides has raged longer than their aviation conflict. Since 2004, the U.S. and the EU have accused each other of unfairly subsidizing their aircraft-building giants – America’s Boeing and Europe’s Airbus. Over the past two years, the World Trade Organization, which adjudicates such disputes, declared both sides guilty. It allowed the United States to impose up to $7.5 billion in tariffs and the EU up to $4 billion.
The tit-for-tat duties victimized
provides mortgages and insurance for home buyers, and connects home shoppers with real estate agents.
In addition, the company offers mortgage refinances, a savings program for those trying to build a down payment, and advice for those thinking of buying. Snyder anticipates adding more items to the menu, such as a larger network of real estate agent partners and more financial services.
“Anything that allows a homebuyer to obtain a home for less money and more easily, we want to offer,” he said.
The company says it can provide many of its services at a lower cost than traditional companies, in part because it operates no brick-and-mortar locations.
Snyder said the service is especially attractive to younger buyers who don't care about going to a traditional lender and who want a variety of services in one place. He likens Lower to Sofi or Rocket Mortgage, two fast-growing web companies that provide a variety of financial services, including mortgages and refinancing.
Lower quickly carved a niche in the crowded field of real estate financial services. In a little more than two years, the company says it has received more than 140,000 loan applications and funded more than $2 billion in loans.
Starting with eight Homeside employees in a temporary office on Walton Parkway in New Albany, the company has exploded to nearly 1,000 employees in the former Bob Evans headquarters on Smith's Mill Road in New Albany, which Lower overhauled this spring into a millennial-friendly crib, complete with pool and shuffleboard tables, televisions, coffee bars and sofas.
The company was named the best place to work by Columbus CEO this year.
The company's annual revenue has risen to about $300 million, large enough for the company to go public, Snyder said. Still he said, he is planning to grow it more before taking it public, which he said is “100%” in the company's plans.
“Our goal is to be No. 1 lender in the country,” he said.
The decision to partner with the
Crew is a huge step forward in expanding the company's reach. Terms of the naming-rights deal were not disclosed.
“Very few companies ever get to name a stadium, let alone a brand-new one, in their hometown,” Snyder said. “It is a once-in-a-lifetime opportunity.”
Each week, the firm adds a few dozen employees, which is one reason for the Crew affiliation: The company is eager to get its name out among prospective employees.
“After this, we're hoping to have more,” Snyder said. “We're on a recruiting spree.”
Crew co-owner Dee Haslam and Crew Business Officer Steve Lyons described the team's partnership with Lower as a perfect match.
“We share the same goals ... upward trajectory,” Lyons said at Tuesday's news conference.
The deal calls for the Lower name to be displayed in six places around the stadium, including the roof. With opening day just 21⁄2 weeks off, it's a tight timeline.
“Please God, get at least one sign up before July 3,” Snyder joked. jweiker@dispatch.com @Jimweiker