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HomeEconomyEU EV tax credit dominates U.S. trade talks

EU EV tax credit dominates U.S. trade talks


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Andrea Shalal and David Lauder

COLLEGE PARK, MD (Reuters) – US and EU On Monday it said it had made progress in addressing EU concerns about a U.S. climate law that would cut electric cars in the EU from U.S. tax credits, but failed to resolve the matter.

In a joint statement after the third US-EU ministerial meeting, the Trade and Technology Committee (TTC) vowed to address it constructively.

“We acknowledge the EU’s concerns and stress our commitment to addressing them constructively,” the statement said, noting the progress made by the EU as Working Group established for the dispute.

EU Trade Commissioner Valdis Dombrovskis said on Monday that $11 Billion-dollar US Inflation Reduction Act is discriminatory and urges steps to amend it by year-end law. It offers consumers a $7 tax credit, 100 For new Tesla purchases (NASDAQ: 430 TSLA

), Ford and other North American made EVs that the EU fears will seriously hurt Europe.

U.S. Secretary of State Anthony Blinken says the Security Council brings support to both sides – TOTAL as a percentage of global economic output — — made “real, concrete progress” on key areas, including countering Russia’s war in Ukraine, and said he was confident the tax credit issue could be resolved.

“We all came out of these meetings with the conviction that this was a very positive, productive way forward,” he said after a six-hour meeting on the University of Maryland campus in College Park near Washington, D.C.

Dombrovskis told Germany ahead of the meeting Voice of Broadcasting, the new law in the United States has the potential to undermine the progress yea has made to repair the old transatlantic forum for trade relations between the United States and the United States

“Through all our discussions, we took a step forward in a sense, but with the Inflation Reduction Act we regressed Two steps up, so we need to reconcile it,” he said, though he told reporters afterward that he felt “a little bit more optimistic.”

A source familiar with the talks The task force is racing to reach an agreement before some of the measures take effect next year, he said. Other attendees included U.S. Commerce Secretary Gina Raimondo, U.S. Trade Representative Catherine Day and European Commission Vice President Margrethe Vestager. During a state visit to Washington last week, French President Emmanuel Macron told broadcaster CBS that it was Europe’s “job killer”.

US President Joe Biden told Macron in Washington that there could be “tweaks” in the law to make it easier for European countries to participate in the credit line, but It’s not clear how.

French officials said they hoped an executive order from the White House would give European countries a break without requiring congressional changes, which is A move the White House wants to avoid.

The law has also drawn criticism from South Korean officials.

The TTC’s focus in its first two meetings has been on regulatory cooperation and a united front against China’s non-market economic practices.

On Monday, officials discussed a “joint roadmap” to assess trusted AI technologies ” reached an agreement and formed a working group to reduce research barriers related to quantum computing science and technology.

They also agreed to support the Jamaica-Kenya Connectivity Project, with an eye toward expanding such work in other third countries, and pledged to improve future Transparency of public subsidies for the industry.



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