The United States and the European Union will negotiate a revised trade agreement that could allow European manufacturers to receive U.S. tax credits for producing critical minerals such as lithium and nickel for electric car batteries.
Following a March 10 meeting at the White House between President Joe Biden and European Commission President Ursula von der Leyen, the leaders agreed to initiate talks about the “Made in America” provision in the Inflation Reduction Act (IRA) that the EU maintains is “protectionist” and an obstacle in breaking free from dependence on Russian oil and gas.
Biden and von der Leyen did not take questions after the meeting but issued a joint statement that said the United States and European Union “are taking new steps to deepen our economic relationship as we build the clean energy economies of the future and address shared economic and national security challenges.”…