On Friday, European Union ministers warned that time was running out to change Washington’s plans to grant consumer tax credits for electric vehicles and other green products manufactured in the United States.
The EU claims that the $430 billion Inflation Reduction Act, which goes into effect in January, will propel the United States to the forefront of the electric vehicle market at the expense of Europe. It wishes to make an exemption for EU items, as has previously been approved for Canadian and Mexican commodities.
Czech Industry and Trade Minister Jozef Sikela stated that all 27 EU nations were worried and agreed that the problem needed to be rectified as soon as possible.
In early November, the two sides formed a joint team to handle the matter.
EU Trade Commissioner Valdis Dombrovskis said at a press conference that he and EU technology boss Margrethe Vestager will review progress when they meet with US colleagues on December 5 at the US-EU Trade and Technology Council (TTC).
‘These are not easy debates,’ he said, adding that in the current geopolitical context, with Russia’s war in Ukraine, partners should form coalitions in critical industries such as renewables and batteries.
‘These are not easy debates,’ he said, adding that in the current geopolitical context, with Russia’s war in Ukraine, partners should form coalitions in critical industries such as renewables and batteries.
Some ministers had hoped for a resolution by the Dec. 5 conference, but Dombrovskis stated the team will need to work beyond that date.
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