The economic ministers of France and Germany discovered a willingness in Washington to discuss Europe’s concerns about subsidies for green technologies under the U.S. Inflation Reduction Act, but they came away from meetings with top officials there with few specifics.
The act is intended to shield American businesses from the effects of price increases and to subsidise investments in new green technologies. However, European capitals are concerned that it will reduce their companies’ competitiveness in the massive North American market.
Following a meeting with U.S. Treasury Secretary Janet Yellen, German Economy Minister Robert Habeck and his French counterpart Bruno Le Maire stated that they both agreed that there needed to be transparency regarding the specific subsidies so that the European Union could match them if necessary.
Le Maire told reporters, ‘It’s a process, and in a process you go step by step.’ Earlier, Habeck stated that there was no pressing need to resolve the issue of access to essential raw materials.
Post Your Comments