“The US Inflation Reduction Act of 2022 includes significant tax breaks for a number of sectors, violates WTO rules and creates an unfavorable competitive environment for European manufacturers seeking to export products to the United States,” de Man explained his position.
Against this background, he asked the European Commission how, in her opinion, the law adopted in the United States would affect European industry.
“What specific measures does the European Commission intend to support industry and keep it in the European Union?”
he also asked.
The Inflation Reduction Act (IRA) was signed into law by US President Joe Biden in August.
The document provides, in particular, for the allocation of investments for climate protection and energy security of the country.
In addition, the text talks about tax incentives that encourage consumers to purchase electric vehicles assembled in the United States, reducing healthcare costs, reducing harmful emissions, tax reform, and more.
The head of the European Commission, Ursula von der Leyen, has promised to respond to a law passed by the United States, which, according to her, could lead to unfair competition.