European Commission President Ursula von der Leyen on Sunday said the European Union must act to address “distortions” created by the Biden administration’s Inflation Reduction Act (IRA)—part of Biden’s  “Made in America” push.
The EU and United States are treading precariously close to a major trans-Atlantic trade dispute at a time when the two Western giants want to show unity in the face of challenges from authoritarian regimes in Russia and China.
The IRA, passed by the U.S. Congress in August, provides $369 billion in subsidies for climate and green energy policies, including tax credits for companies with facilities in the United States—including those who offer electric cars “assembled in North America” as well as support the development of domestic battery supply chains….