Tags: eu | biden | inflation reduction act

EU Concerned About Biden's Inflation Reduction Act

EU Concerned About Biden's Inflation Reduction Act
U.S. President Joe Biden (Getty)

Monday, 07 November 2022 09:00 AM EST

French Finance Minister Bruno Le Maire said on Monday that the United States' new Inflation Reduction Act (IRA) law was a major threat to European companies and that the EU had to stand firm against it.

"We must clearly tell our U.S. partners that it is a major problem for us. It is not acceptable. It could create a major shock on European industry," Le Maire told BFM TV.

European industries fear that the bill, which gives tax credit for each eligible component produced in a U.S. factory, would take away potential investment from the continent.

The IRA, which was signed into law in August, also provides a tax credit of 30% of the cost of new or upgraded factories that build renewable energy components.

© 2024 Thomson/Reuters. All rights reserved.


Politics
French Finance Minister Bruno Le Maire said on Monday that the United States' new Inflation Reduction Act (IRA) law was a major threat to European companies and that the EU had to stand firm against it. "We must clearly tell our U.S. partners that it is a major problem for...
eu, biden, inflation reduction act
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2022-00-07
Monday, 07 November 2022 09:00 AM
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