On November 25 local time, the EU trade ministers meeting was held in Brussels. At the meeting, all parties expressed dissatisfaction with the “Inflation Reduction Act” introduced by the United States. The EU asked the United States to stop discriminating against European companies and warned that it would take countermeasures as appropriate.
Valdis Dombrovskis, vice president of the European Commission, pointed out that the subsidy policy in the “Inflation Reduction Act” constitutes discrimination against the EU’s electric vehicles, batteries, renewable energy and energy-intensive industries, and called on European companies to be treated fairly in the United States.
In August of this year, Biden signed the “Inflation Reduction Act”. According to the bill, the United States will provide high subsidies to support the production and investment of multiple industries such as electric vehicles and clean energy. However, many of the subsidy policies and tax incentives are only available to domestic companies or companies operating in the United States. The EU believes that the bill could have a negative impact on the competitiveness and investment decisions of European industry.
U.S. inflation-cutting bill pissing off Europe? The EU demands that the United States stop discriminating against European companies. Click on the video to see it!