In what has already been dubbed the ‘America First Act’ in Europe, the US government will release no less than US$369 billion in fixed subsidies. It will come into effect from January 1, 2023. Employers’ organization VNO-NCW had previously argued in favor of this Steven on 1 Before the European Union (EU) brought in “a lot of money if it wanted to keep its own manufacturing industry”. According to pioneer Ingrid Thijsen, the industrialization of Europe was imminent as a result of this act.

‘Buy European legislation’

So the EU is currently working on a similar subsidy package to protect European industry. There is talk of a ‘Buy European Act’. For example, European rules on state aid and preferential treatment for European regions in important industries have already been discussed.

Europe is now discussing this with the Americans, says Haspels. “We have no interest in ‘running to the bottom.’ If America continues to give its companies all kinds of tax breaks, that doesn’t mean we should do the same,” he insists. That would result in a trade war, which neither side wants to have, according to the ambassador.