The European Union and the United States are toe-to-toe over the Inflation Reduction Act
🇪🇺 The European Union and the United States are toe-to-toe over the Inflation Reduction Act.
Otherwise known as the IRA, the legislation is essentially the United States’s $370 billion climate plan, offering huge subsidies and consumer tax breaks for North American automakers. The relationship between the EU and the US has been strained since the passing of the bill in August, with Europe claiming this plan is meant to hurt European companies selling in the American market. Japan and South Korea are siding with Europe on this one, claiming it gives the automakers stateside an unfair advantage over the market.
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