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Biden confident US can address EU concerns over IRA grants

 


Macron also sounded an optimistic note on the dispute, saying he and Biden had agreed to resynchronize our approaches to providing government support for critical industries such as semiconductors, electric vehicle batteries and hydrogen.

All this is absolutely decisive, because in fact we share the same vision and the same will, Macron said.

French and European officials have raised a number of concerns about the $369 billion in new subsidies planned for clean technology and renewable energy in the Cut Inflation Act. They say the threat to European industry posed by the new law also comes at a particularly difficult time, with European consumers and businesses already struggling with high energy prices due to the war in Ukraine and making facing the prospect of a recession next year.

Macron has launched calls for the 27-nation European Union to move forward with its own set of green grants under the Buy European banner, a move a senior Biden administration official has signaled could sustain.

Much of the European anger is directed at an IRA requirement that electric vehicles must have their final assembly in North America to qualify for a $7,500 tax credit. This has eliminated many European models that were previously eligible, and even more could be excluded when additional national content provisions come into force, from January.

The Treasury Department is currently developing guidelines on how it will implement this tax provision, and Biden specifically referenced language that offers better treatment to countries that have a free trade agreement with the United States such as an area where the law could be implemented flexibly. way.

This was added by a United States Congressman who admits he was just talking about allies. He didn’t literally mean a free trade agreement. So there are a lot of things we can work on, Biden said.

This would solve some of the problems for the EU, since it does not have a free trade pact with the United States. However, there remains the biggest problem, which is that many of the cars that European companies sell in the United States are assembled in Europe, which prevents them from obtaining credit due to the northern assembly requirement. -American.

Biden did not say how that might be resolved, but U.S. lawmakers have said in recent days that the administration is considering giving automakers more time to comply with IRA provisions. This is an issue that France and other EU member states will continue to discuss with the United States through a recently created bilateral working group.

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2/ https://www.politico.com/news/2022/12/01/biden-eu-ira-subsidies-00071645

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