EU's Breton To Skip EU-US Trade Summit Amid US' Neglection Of EU Industry Issues - Reports

MOSCOW (UrduPoint News / Sputnik - 02nd December, 2022) European Commissioner for the Internal Market Thierry Breton will not attend the EU-US Trade and Technology Council (TTC) in the US state of Maryland next week because Washington neglects to pay attention to the issues related to the European industry and entities, Bloomberg reported on Friday, citing Breton's aide.

The United States "no longer gives sufficient space to issues of concern to many European industry ministers and businesses" and major issues are "now limited to two hours of ministerial meetings," a Breton aide was quoted by Bloomberg.

The aide also said that the discussion of the Inflation Reduction Act (IRA), which sparked the EU's trade concerns because some member states argued that the legislation was "unfriendly" and contrary to the World Trade Organization's rules, was removed from an agenda to "something discussed over a 45 minute lunch," according to the report.

Breton will travel to the US in the beginning of 2023 to discuss industry, technology, competitiveness, space and cyber issues, the report added.

"Today, the real issue is the urgent need to preserve the competitiveness of Europe's industrial base," the aide was quoted as saying by Bloomberg. "Only Europe can and must find a rapid and appropriate response to this challenge. And the commissioner is currently devoting all his energy to this."

The IRA, signed into law by US President Joe Biden in August, commits $300 billion toward deficit reduction, in addition to providing approximately $369 billion in funding for energy security, including tax credits for US-made electric vehicles and subsidies to US consumers, and $80 billion to increase Internal Revenue Service tax enforcement and operations.

Concerns are rising in Europe that the US tax credit plan could kick off a subsidy race between the transatlantic allies at a time when they want to show unity in the face of the Ukrainian conflict. Germany and France have already suggested following the US suit with an EU subsidy regime.