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Europe intends to “give a serious response” to the US on January 1 entry into force of the American law to reduce inflation. The measures that the EU authorities are considering could lead to a transatlantic trade war, writes Politico.
As the newspaper notes, in Europe in general and in Germany in particular “disappointed that Washington is not offering a peace agreement.” “Europe’s fears are related to the US $369 billion package of subsidies and tax breaks to support green businesses in the US, which comes into force on January 1,” the newspaper emphasizes.
The Inflation Reduction Act, which provides for tax cuts, benefits in the field of energy supply for enterprises opening in the United States, was signed by US President Joe Biden in August. For Europeans, this law is dangerous because it could encourage companies to move investments from Europe and encourage customers to “buy American” when it comes to buying electric vehicles. This infuriates major EU automakers such as France and Germany.
Possible moves being considered in Europe in response to the US law could be “largely symbolic” protests at the WTO. However, “the clash could easily revert to the tit-for-tat tariff battles of the era of former US President Donald Trump,” the newspaper said.
“Biden is running out of time for a truce, which looks increasingly unlikely,” Politico emphasizes.
Source: Rosbalt
Tristin is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
