New York – A task force is working to resolve the differences between Europe And Use on the American law for theclimate emergencyaccused of being protectionist. Brussels he is “a little more optimistic” about the solution, even if he warns that “much work remains to be done because the first measures will come into force in January”. It is the most important result, even if interlocutory, achieved at the summit of Trade Technology Council yesterday in Maryland, which was attended by the Secretary of State Tony Blinkenthat of Commerce Gina RaymondUndersecretary Katherine Taiand the two vice-presidents of the European Commission Valdi Dombrovskis and Margrethe Vestager.
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In August it became lawInflation Reduction Act (IRA), which has earmarked some $400 billion to push the United States further and further away from fossil fuels, and towards electric transportation. The text, presented as the largest initiative ever to combat climate change, provides for $7,500 tax credits for those who buy assembled electric cars North America.
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The Europeans have rejected the law, accusing it of being protectionist, because it puts their projects for the ecological transition at risk and pushes companies from the Old Continent to invest in the USA. The French president Emmanuel Macron spoke about it on Thursday with Joe Biden in the White House, and the president has promised to deal with the problem, looking for loopholes for the IRA to avoid penalizing the European and Asian allies. Because he wants to push the made in USA, but not at the price of breaking friendships essential to face the challenges posed by Russia and China.
The EU hopes the US will offer the same exemptions guaranteed to Canada and Mexicobut this is not easy, and it would be complicated to change the essence of the law without a new intervention by Congress, judged very unlikely.
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“Let’s work with the US for the climate”
After yesterday’s summit Blinken said that the IRA «is the most important investment ever in the fight against climate change: it will benefit us, European countries and the whole world. The US listens to the concerns of the EU on some aspects of the law. We have jointly established a task force and will work quickly and efficiently to overcome these issues.” Dombrovskis commented that he was “a little more optimistic” about the solution, even though he warned that “a lot of work remains to be done, because the first measures will come into effect in January”. Her colleague Vestager added that «the most important thing is that the US is fully involved in the fight against climate change. Let’s work together in this fight.” The President of the Commission Ursula von der Leyen he said Sunday that Brussels does not want a trade war against Washington, but if no concessions come, the EU will be forced to offer subsidies to its penalized companies.
Two important agreements have also been signed in the semiconductor sector: «An early warning mechanism, to address and mitigate supply chain disruptions in a cooperative way, and a commitment to unprecedented levels of mutual transparency on subsidies to the sector, in order to to avoid a run on subsidies.