They have major disagreements in the economic realm and there are few obvious solutions
Save time by listening to our audio articles as you multitaskThe trouble is, despite all the talk of concreteness, America and Europe now have major disagreements in the economic realm and few obvious solutions. The main point of contention is the Inflation Reduction Act, the centrepiece of the Democrats’ climate-and-industrial strategy.
The Biden administration believes these incentives are needed to spur the development of America’s green economy. In industries such as electric vehicles, America is a laggard . The worry in Europe and Asia is that America’s giant market and generous handouts will attract their companies at the expense of their home bases. In the past year alone international carmakers fromand Toyota to Mercedes and Stellantis have announced big investments in America.
Warm words aside, what can America do to help? Its climate tax credits, enshrined as law, cannot be easily modified. There is no chance of new legislation during the next two years of divided Congress. Instead the response is likely to come from Europe, where officials are mulling their own green incentives. The most concrete outcome of the
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