The business secretary warns that President Biden's scheme could mark a slide into protectionism.
Business Secretary Grant Shapps has warned that US President Joe Biden's green subsidies could herald a "dangerous" slide into protectionism.
The $430bn scheme includes tax credits for green technologies aimed at attracting investment to the US. Last month International Trade Secretary Kemi Badenoch wrote to her US counterpart complaining it would "harm multiple economies across the world"., American consumers will get incentives to buy new and second-hand electric cars, to warm their homes with heat pumps, and to cook using electric induction., particularly in the energy and auto sectors.
Taking part in a panel discussion at the World Economic Forum in Davos, Switzerland, Mr Shapps said he did not believe the Act was designed to be protectionist, but that could be the result if it was not amended. Protectionist measures have the effect of restricting imports from other countries through tariffs or quotas on imported goods, or other regulations - generally with the aim of shielding domestic businesses and workers from foreign competition.
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