Goto

Collaborating Authors

 eu-us trade talk overshadowed


Monday's EU-US Trade Talks Overshadowed By Tax Concerns On Climate Measure

International Business Times

Top European Union officials intend to complain loudly to their U.S. counterparts at a trade meeting on Monday about the bloc's electric vehicles being cut off from tax credits in U.S. President Joe Biden's signature climate law. The U.S.-EU Trade and Technology Council (TTC), a year-old transatlantic forum for dialogue, focused in its first two meetings on regulatory co-operation and presenting a united front against China's non-market economic practices. But the 27-country bloc fears that the $430-billion Inflation Reduction Act with its generous tax credits of $7,500 for Tesla, Ford and other North American-made EVs, will significantly damage European automakers. The topic is on the agenda of the TTC meeting on the University of Maryland campus in College Park, Maryland, U.S. and EU officials said. Participants include U.S. Secretary of State Antony Blinken, Commerce Secretary Gina Raimondo, U.S. Trade Representative Katherine Tai and European Commission Executive Vice Presidents Valdis Dombrovskis and Margrethe Vestager.