Macron's star-studded White House visit overshadowed by growing US-EU trade tensions
Trade tensions between the United States and the European Union over the Inflation Reduction Act and the billions it provides to subsidize electric vehicles and other clean energy efforts will overshadow the state dinner President Joe Biden is hosting for French President Emmanuel Macron Thursday night.
But they’ve also put the U.S. at odds with European allies, which argue the subsidies violate international trade laws and would damage their own industries. In comments filed to the U.S. Treasury Department earlier this month, the European Commission said five Inflation Reduction Act measures that offer tax credits and subsidies “contain provisions with clearly discriminatory domestic content requirements” in breach of WTO rules and risk a global “race to the bottom” on clean energy incentives.
And even after it does, the organization has no appellate body in place currently that would allow it to hear appeals or serve as a final court of jurisdiction to mediate international trade fights — grinding the dispute settlement process to a halt and rendering the body largely toothless.In response to the Inflation Reduction Act, Macron has urged the EU to adopt a “Buy European” program, which would prioritize the use of European-made components in key industries.
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