EU seeks to ease US tariff, green subsidy threats
© Reuters. FILE PHOTO: European flags fly outside the European Commission headquarters in Brussels, Belgium September 20, 2023. REUTERS/Yves Herman/File PhotoBRUSSELS - The European Union will seek this week to ward off the return of Trump-era metals tariffs and to lessen the negative impact on the U.S. Inflation Reduction Act and its subsidies for electric vehicles.
Chief among the latter will be a proposed joint statement on steps to tackle global overcapacity of steel and aluminium and to promote sustainable production. A number of EU countries, which would have to agree to any deal, stressed in meetings last week that measures must comply with WTO rules, which preclude imposing tariffs on third countries such as China, as the United States advocates, before an investigation to identify excessive subsidies or dumping.
Those subsidies, largely in the IRA, have irked EU countries because they contain local content requirements. For example, U.S. consumers are eligible for tax breaks of up to $7,500 if they buy an electric vehicle, but only if its final assembly was in North America. Half of the tax break is reliant on extraction of processing of critical minerals taking place in a country with which the United States has a free trade agreement.
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