Germany And France Announce Response To US Inflation Reduction Act
According to French Treasury Secretary Bruno Le Maire, France and Germany are developing a joint reaction to a US inflation-reduction measure that threatens to level the playing field for European businesses.
« We’d like to provide a general response to the US law reducing inflation. Everyone needs to be aware that globalization has changed. Long before the US did the same to expand its production, China moved in with significant governmental assistance reserved just for Chinese production. We cannot let Europe drag behind, » Le Maire and German Economy Minister Robert Habeck spoke at a joint press conference about the need to protect European manufacturers’ interests with increased rigor, passion, and speed.
Le Maire also noted that he would debate this matter on December 5 in Washington as a member of the EU working group on this matter, and emphasized that Paris and Berlin reached an agreement on measures to lessen the reliance of EU industry on external markets in addition to a coordinated reaction to the IRA.