EU Fears Time Running Out To Address US Green Subsidies As Trade War Looms - Reports
Faizan Hashmi Published November 25, 2022 | 11:17 PM
EU ministers say a swift solution is needed to avert a looming trade war with the United States over its green subsidy scheme that risks siphoning off investment from Europe, news media reported Friday
MOSCOW (UrduPoint News / Sputnik - 25th November, 2022) EU ministers say a swift solution is needed to avert a looming trade war with the United States over its green subsidy scheme that risks siphoning off investment from Europe, news media reported Friday.
The US Inflation Reduction Act will unlock $369 billion in tax credits and subsidies for US consumers and companies making green tech products in the country from January. Several EU companies have already said they would invest in the US rather than the EU, with rising energy prices at home a crucial factor to consider, the Financial Times reported.
Jozef Sikela, the Czech minister of industry and trade who chaired a meeting with his EU counterparts in Brussels on Friday, said they had to come up with an action plan ahead of the next EU-US Trade and Technology Council on December 5.
"What is important for us is that the US is aware of our concerns and the taskforce has to work out a solution which will be acceptable for both parties," he was quoted as saying by the British daily.
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 need to show unity in the face of the Ukrainian conflict. Germany and France have already suggested following US suit with an EU subsidy regime.
Related Topics
Recent Stories
PTI to stage nationwide protests against alleged electoral frauds
Senate continues discussion on Presidential address to Joint Sitting of Parliame ..
Masood Khan calls for Pak-US cooperation for regional peace
Interior Minister starts Margalla Trail Patrol for security
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
Today Gold Rate in Pakistan 26 April 2024
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
More Stories From World
-
Nuggets push Lakers to brink as Embiid's 50 points lead Sixers over Knicks
6 minutes ago -
China high-tech capacity exposes overcapacity mantra in green energy
16 minutes ago -
Golf: PGA Zurich Classic of New Orleans scores
26 minutes ago -
Cybersecurity firm Darktrace accepts $5 bn takeover
46 minutes ago -
Clean energy drives massive BHP takeover bid
1 hour ago -
Copper price tops $10,000 for first time in two years
2 hours ago
-
Ukraine agriculture minister held for alleged corruption
2 hours ago -
China calls Germany spy claims 'pure fabrication'
2 hours ago -
Singapore expects 1-3 pct growth this year
2 hours ago -
Hong Kong's Hang Seng Tech Index rises over 5 pct
2 hours ago -
New Zealand business sector R&D expenditure hits 2.21 bln USD
2 hours ago -
3 dead after mini car falls into west Japan paddy field
2 hours ago