GRA
Well-known member
Tax credits for European EVs to dominate trade talks with U.S.
Emmanuel Macron called the Inflation Reduction Act a 'job killer' for Europe
https://www.autoblog.com/2022/12/05/europe-ev-tax-credit-us-trade/
Top European Union officials are aiming to be more vocal at a trade meeting with their U.S. counterparts on Monday in their criticism of President Joe Biden's climate law that would cut off the bloc's electric vehicles from U.S. tax credits. . . .
. . . the 27-country bloc fears the $430-billion Inflation Reduction Act (IRA) with its generous tax credits of $7,500 for Tesla, Ford and other North American-made EVs will significantly damage European automakers.
French Finance Minister Bruno Le Maire said he and German economy minister Robert Habeck have started talks with their U.S. counterparts on exemption for all EU-made green products. But he also said the EU needed its own equivalent of the IRA.
European Commission head Ursula von der Leyen said on Sunday the EU would adapt its state aid rules to prevent an exodus of investment triggered by the IRA, while offering cooperation over raw materials to counter China's dominance. . . .
EXECUTIVE ORDER ON IRA
European and South Korean officials criticized the Inflation Act at the G20 Summit in Indonesia last month. During his state visit to Washington last week, French President Emmanuel Macron told broadcaster CBS it was a "job killer" for Europe.
Biden told Macron in Washington that there could be "tweaks" to the law to make it easier for European countries to participate in the credits.
French officials said they are hopeful an executive order from the White House could give European nations a break, without the need for seeking revisions from Congress, a move the White House wants to avoid.
