EU demands quick fix from U.S. of green subsidy law By Reuters
World 17 minutes ago (Nov 25, 2022 06:11AM ET)
(C) Reuters. FILE PHOTO: European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, September 28, 2022. REUTERS/Yves Herman
By Philip Blenkinsop
BRUSSELS (Reuters) – European Union ministers warned on Friday that time was running out to resolve differences with Washington over U.S. plans to give tax credits to consumers buying electric vehicles and other green products as long as they are made in North America.
The EU argues the $430 billion Inflation Reduction Act, to take effect in January, will make the United States a world leader in the electric vehicle market at its expense.
Czech industry and trade minister Josef Sikela said all 27 EU members were concerned. He told reporters before a meeting of national trade ministers that time was running out and expressed hope a solution could be found by Dec. 5 when top U.S. and EU officials will meet.
Ministers were set to be briefed on the progress made by a joint U.S.-EU taskforce launched at the start of November to address the issue.
Dutch trade minister Liesje Schreinemacher, describing the act as “very worrisome”, said the taskforce had to “get a move on” and produce results as soon as possible.
Swedish counterpart Johan Forssell said the time frame was tight.
“We cannot wait too long until we make a decision… So I think the need for action will be pretty soon,” he said.
Irish deputy prime minister Leo Varadkar said the EU and the United States would ideally come to an arrangement at the meeting of the Trade and Technology Council in December, but that, failing that, the EU would have to respond.
French minister Olivier Becht said the U.S. transition towards a greener economy should be done on the basis of fair competition, rather than with measures that breached World Trade Organization rules.
He said ministers would discuss how to persuade the United States to modify its act. Otherwise, the EU would have to consider “other measures”.
“There is a range of measures that can be put on the table. The objective would not be to launch into a subsidy race, which would be counter-productive,” he said.
EU demands quick fix from U.S. of green subsidy law
(Reuters) – Saudi Arabia’s sports minister said his country’s government would support any Saudi private sector bids to buy Premier League sides Manchester United and Liverpool….
By Jonathan Stempel NEW YORK (Reuters) – Donald Trump was sued for defamation a second time on Thursday by a writer who accused the former U.S. president of lying by denying that…
AL RAYYAN, Qatar (Reuters) -Iran’s national soccer team sang during the playing of their national anthem at their second World Cup match against Wales on Friday having refrained…
(C) 2007-2022 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.