December 5, 2022

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Senior trade official calls on EU to offer better support to industry

Senior trade official calls on EU to offer better support to industry

Catherine Doi, a senior trade official in the Biden administration, has called for the EU to do more to support its own industry.

Why is this important?

In August, US President Joe Biden signed it Inflation Act, the largest climate collection in United States history. $369 billion was available, among other things, for the transition to renewable energy. Hence domestic companies can benefit Higher subsidies. However, foreign producers have been excluded, leading to harsh criticism from Europe.

Essence: Tai calls on the EU to better support its own manufacturers in order to collectively reduce dependence on China.

  • Anti-inflation legislation was introduced in recent weeks Harsh criticism From foreign manufacturers. This is not only happening in European countries. US allies South Korea and Japan also accuse the policy of violating WHO rules. According to them, they have “lost investments in green technology”.
  • A combination of the support package combined with high energy prices in Europe is causing manufacturers to consider moving their operations to the US. To avoid conflict, the trade official now proposes Europe The same Does, believes Financial Times.
  • Tai defended the introduction of the deflationary legislation: “We’re very proud of the investments we’ve made as a Biden administration (in an environmentally friendly future),” Tai said after meeting European ministers in Prague.

Policy against China?

In future: Is it all against China?

  • According to Tai, the EU should work with the US to develop a new industrial policy to reduce China’s influence.
  • Japan and South KoreaThose looking to seriously take advantage of the big discount ($7,500) for a production electric vehicle can get involved with that policy.

Objection: European officials have branded the plan “unacceptable”.

  • It is unlikely that Dai’s comments will sway European officials. Czech Economy Minister and President of the Prague meeting, Josef Sigela, said the proposal was “unacceptable” and that the EU wanted the same as Canada and Mexico. After all, those countries existed Fewer restrictions imposed.

Next week, officials from the two countries will meet to see if a compromise can be reached.

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