EU response to the US Inflation Reduction Act: MEPs debate


MEPs seek answers on how the EU is handling the massive tax breaks to companies producing in the US, a scheme that puts European companies at a disadvantage. The roughly €350 billion Inflation Reduction Act aims to build a new green economy by giving subsidies and tax credits to companies which manufacture with local parts or produce in the US from 1 January 2023, to the detriment of European manufacturers and in potential breach of World Trade Organisation (WTO) rules.