Home » The U.S. “Inflation Cutting Act” has attracted European dissatisfaction, France and Germany agree that a tough response should be given

The U.S. “Inflation Cutting Act” has attracted European dissatisfaction, France and Germany agree that a tough response should be given

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The U.S. “Inflation Cutting Act” has attracted European dissatisfaction, France and Germany agree that a tough response should be given

Original title: U.S. “Inflation Cutting Act” cited European dissatisfaction, France and Germany agreed that should be a tough response

In August of this year, U.S. President Biden signed the “Inflation Reduction Act”, some of which stipulate that the U.S. government will provide high subsidies for electric vehicle-related industries manufactured in its own country. This move caused dissatisfaction among EU countries. EU countries believe that this constitutes discrimination against European automakers and will exacerbate the shrinking of European industrial production, forcing European companies to transfer their production lines to the United States. French Economy and Finance Minister Le Maire said on the 22nd local time that Europe should respond strongly to the United States.

French Economy and Finance Minister Bruno Le Maire and German Deputy Chancellor and Minister of Economy and Climate Protection Habeck held a joint press conference in Paris on the same day. Le Maire said that the governments of France and Germany agreed that they should respond strongly to the U.S. Inflation Reduction Act, and that the EU must defend the interests of Europeans themselves.

French Economy and Finance Minister Le Maire: The status quo of the “Inflation Reduction Act” is impossible, a trade war is irresponsible, so we need a strong response.

According to Reuters and Bloomberg reports, French President Macron had dinner with dozens of European business executives at the Presidential Palace on the 21st, calling on them not to go to the United States and stay in Europe to invest. An aide to Macron revealed that the guests attending the dinner included the chief executives and chairman of European energy company Onji Group, European telecommunications company Ericsson, British pharmaceutical company AstraZeneca, European auto companies Volvo and Volkswagen. Macron also previously called on the EU to introduce its own “Europe Purchase Act” to subsidize European production, but no consensus has been reached within the EU.

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The British “Financial Times” reported that Biden’s subsidy measures have sent a red flag. Driven by the subsidy measures of the US “Inflation Reduction Act” and the decline of local energy costs, investment in Europe is flowing to the United States in large quantities, which is causing European countries to be vigilant. Some EU officials complained that Europe wanted to uphold open trade rules, but the United States made Europe a victim.

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