EU Market Chief Breton to Skip Summit in US Amid Escalating Trade Spat, Reports Say
Euro banknotes are displayed next to an European Union flag, in Lille, on March 22, 2019
MOSCOW (Sputnik) – European Commissioner for the Internal Market Thierry Breton will not attend the EU-US Trade and Technology Council (TTC) in the US state of Maryland next week because Washington neglects to pay attention to the issues related to the European industry and entities, American media reported on Friday, citing Breton’s aide.The United States “no longer gives sufficient space to issues of concern to many European industry ministers and businesses” and major issues are “now limited to two hours of ministerial meetings,” a Breton aide said.The aide also said that the discussion of the Inflation Reduction Act (IRA), which sparked the EU’s trade concerns because some member states argued that the legislation was “unfriendly” and contrary to the World Trade Organization’s rules, was removed from an agenda to “something discussed over a 45 minute lunch.”
World’It Will Split the West’: Macron Lambasts Biden’s Inflation Reduction ActYesterday, 06:41 GMTBreton will travel to the US at the beginning of 2023 to discuss industry, technology, competitiveness, space and cyber issues.
"Today, the real issue is the urgent need to preserve the competitiveness of Europe's industrial base," the aide was quoted as saying. "Only Europe can and must find a rapid and appropriate response to this challenge. And the commissioner is currently devoting all his energy to this."
The IRA, signed into law by US President Joe Biden in August, commits $300 billion toward deficit reduction, in addition to providing approximately $369 billion in funding for energy security, including tax credits for US-made electric vehicles and subsidies to US consumers, and $80 billion to increase Internal Revenue Service tax enforcement and operations.Concerns are rising in Europe that the US tax credit plan could kick off a subsidy race between the transatlantic allies. Germany and France have already suggested following the US suit with an EU subsidy regime.
