Inflation Reduction Act, a law much criticized by Europeans
The confirmation of the Congress of the Inflation Reduction Act of 2022 (IRA) has fuelled fears of a transatlantic trade war in the EU. The plan – a huge fiscal, climate and health package in place from 2023 – provides subsidies of more than $369 billion to companies in the renewable sector. The law offers tax incentives to those who choose to buy products made in the USA (eg electric cars). This dissuades Americans from turning to European producers, who would be forced to produce on US territory.
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