DECRYPTION – The Head of State will be in Washington from Tuesday, November 29. He hopes to convince Joe Biden to reverse a law passed in August, which threatens employment and economic growth in Europe.
Emmanuel Macron’s plea, on a state visit to Washington from Tuesday, for Joe Biden to reconsider the spirit of the law passed in August with a view to creating the most American electric car industry possible, is far from to be won.
The Inflation Reduction Act measure that excludes non-US automaker models from the $7,500 tax credits given to electric car buyers is far from isolated. In this $430 billion legislative package, multiple other provisions, in particular massive aid to industries that repatriate their supply chain to the United States, have the potential to create “a significant diversion of production and future investments, to threaten employment and economic growth in Europe and elsewhere“, deplores the Brussels Commission.
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Alas for Europeans, the text of the Inflation Reduction Act, model of marriage of “ecological progressivism” with industrial nationalism…