EU response to the US Inflation Reduction Act: opening statements by Mikuláš BEK, Czech Minister for European Affairs and Margrethe VESTAGER, Vice-President of the European Commission

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. Opening statements by Mikuláš BEK, Czech Minister for European Affairs and Margrethe VESTAGER, Vice-President of the European Commission.