French President Emmanuel Macron repeatedly denounced the Inflation Reduction Act during a state visit to Washington.
Presidents Macron and Biden today at the White House. Photo: Nathan Howard/Getty Images
French officials say that will further disadvantage European companies already contending with sky-high operating costs due to Europe's energy crunch, and disincentivize companies from basing their production in Europe.In a press conference alongside Macron Thursday, Biden said those were "glitches" in the legislation that could be "ironed out." But that would require action from Congress, which looks unlikely.
Fears that companies like Hyundai that had made big bets on electric vehicles would suddenly become uncompetitive in a critical market were front-page news in Seoul. "It was almost a diplomatic crisis," a South Korean official who requested anonymity to speak candidly tells Axios. The U.S. seemed at first to underestimate the scale of the public anger in Korea, the official says.
Likewise, Sannino said it was a "very relevant" issue but couldn't get in the way of the "global agenda that we need to take care of." The U.S. recently imposed strict export restrictions on certain advanced chips and chip-making equipment.
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