https://sputnikglobe.com/20221108/dont-think-it-is-friendly-macron-slams-us-inflation-reduction-act-says-rules-violate-wto-laws-1103913713.html
'Don't Think It Is Friendly': Macron Slams US’ Inflation Reduction Act, Says Rules Violate WTO Laws
'Don't Think It Is Friendly': Macron Slams US’ Inflation Reduction Act, Says Rules Violate WTO Laws
Sputnik International
The Inflation Reduction Act has been heavily criticized by European Leaders for being too protectionist. 08.11.2022, Sputnik International
2022-11-08T21:45+0000
2022-11-08T21:45+0000
2022-11-08T21:43+0000
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French President Emmanuel Macron has once again criticized the United States Inflation Reduction Act (IRA), this time saying it does not comply with World Trade Organization (WTO) laws and called it not “friendly” to Europe.Macron was giving a speech on pollution but said he could not address the issue without bringing up the IRA. “I don’t think it’s in line with World Trade Organization rules,” Macron said of the climate and stimulus package passed in August. “I don’t think it is friendly.”France, Germany, and other European nations fear the IRA will reduce investment in Europe because it provides tax credits and other incentives for renewable energy components manufactured inside the United States.Macron also took the opportunity to blast the United States for charging Europe far too much for natural gas.France has also alleged that Norway is price gouging natural gas.France has been leading the charge in Europe against the IRA. Last week, French Finance Minister Bruno Le Maire also condemned the IRA. “We must clearly tell our US partners that it is a major problem for us. It is not acceptable. It could create a major shock on the European industry,” he said.Macron said that he will take up the issue with Washington when he visits next month. He also recently revived his calls for a counter “Buy European Act.” Macron previously pushed the idea in 2017 but it was opposed by Belgium and Germany because they feared it would hurt their exports. Post-pandemic, the European market is more insular and with both China and the United States changing policies to protect their domestic production, Macron believes Europe should do the same.Paris previously estimated the IRA could cost France up to €8 billion in investments if companies moved their operations to the United States to take advantage of the subsidies.A finance ministry source told the Financial Times that potential responses include filing a complaint to the WTO or retaliatory tariffs, though they hope that the United States will make an exemption for European Union products instead.
https://sputnikglobe.com/20221028/france-germany-vow-to-strike-back-over-us-inflation-reduction-act-1102787484.html
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france, emmanuel macron, inflation reduction act, world trade organization, violation, laws
france, emmanuel macron, inflation reduction act, world trade organization, violation, laws
'Don't Think It Is Friendly': Macron Slams US’ Inflation Reduction Act, Says Rules Violate WTO Laws
The Inflation Reduction Act has been heavily criticized by European Leaders for being too protectionist.
French President Emmanuel Macron has once again criticized the United States Inflation Reduction Act (IRA), this time saying it does not comply with World Trade Organization (WTO) laws and called it not “friendly” to Europe.
Macron was giving a speech on pollution but said he could not address the issue without bringing up the IRA.
“I don’t think it’s in line with World Trade Organization rules,” Macron said of the climate and stimulus package passed in August. “I don’t think it is friendly.”France, Germany, and other European nations fear the IRA will reduce investment in Europe because it provides tax credits and other incentives for renewable energy components manufactured inside the United States.
Macron also took the opportunity to blast the United States for charging Europe far too much for natural gas.
“The North American economy is making choices for the sake of attractiveness, which I respect, but they create a double standard,” Macron said, later adding that “the United States produces cheap gas that they sell to us at a high price, and on top of that, they have taken massive state aid measures in certain sectors that are completely outside our market projects.”
France has also alleged that Norway is price gouging natural gas.
France has been leading the charge in Europe against the IRA. Last week, French Finance Minister Bruno Le Maire also condemned the IRA. “We must clearly tell our US partners that it is a major problem for us. It is not acceptable. It could create a major shock on the European industry,” he said.
28 October 2022, 06:02 GMT
Macron said that he will take up the issue with Washington when he visits next month. He also recently revived his calls for a counter “Buy European Act.” Macron previously pushed the idea in 2017 but it was opposed by Belgium and Germany because they feared it would hurt their exports. Post-pandemic, the European market is more insular and with both China and the United States changing policies to protect their domestic production, Macron believes Europe should do the same.
“You have China that is protecting its industry, the US that is protecting its industry and Europe that is an open house,” Macron said late last month at a meeting with German Chancellor Olaf Scholz. This time, Scholz backed the proposal.
Paris previously estimated the IRA could cost France up to €8 billion in investments if companies moved their operations to the United States to take advantage of the subsidies.
A finance ministry source told the
Financial Times that potential responses include filing a complaint to the WTO or retaliatory tariffs, though they hope that the United States will make an exemption for European Union products instead.
