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The US Inflation Reduction Act is one of the most ambitious initiatives to fight the climate crisis so far in the country. With an investment plan of 370,000 million dollars, the measure is committed to promoting clean and green energy to the detriment of fossil fuels. But despite the fact that the law is perceived as positive in the European Union, some of its provisions are worrying. We analyze it in this episode of Europe Today.
The law includes massive aid that, according to Brussels, could distort competition and is discriminatory against European companies. Of particular concern are tax exemptions and credits for consumers who buy North American-made electric cars, a logic that Europe does not like, which has a very strong automobile industry with large exporting countries such as Germany or France.
Brussels has asked that European vehicles not suffer discrimination, in the same way that Canadians and Mexicans also benefit, but so far Washington has refused. Given the situation, the European Commission has already prepared a series of measures to mitigate the impact it may have on industry and the region’s competitiveness.
But despite the tensions, Brussels and Washington maintain the dialogue and deny that this implies a trade war. We approached it hand in hand with the MEPs: Lina Gálvez, from the Social Democratic group, and Izaskun Bilbao, from the Renew Europe group.
