EU Trade Chief-We Have Deep Concerns About US Inflation Reduction Act

Speaking at the annual EU Ambassadors Conference in Brussels, Exec VP Valdis Dombrovskis, the European Commissioner for Trade states that 'We have deep concerns particularly concerning the US Inflation Reduction Act'. In September,Bloomberg reportedthat the EU had broadened its list of issues with the sizable stimulus package.

Commission spox Miriam Garcia Ferrer stated that “There are a number of subsidy schemes in the IRA, which include discriminatory and unnecessary local content, production or assembly requirements.”

• Dombrovskis: "The Commission is currently working on a new temporary state aid framework, which will allow EU countries to support companies suffocating under high energy bills."
• Dombrovskis: "Decoupling from China is not an option for our companies".
• The Trade Commissioner's words on China echo those of German Chancellor Olaf Scholz a short while ago (see 0840BST bullet). Amidst rising inflationary pressures, ensuring cheap supply chain links with China seemingly a priority for European leaders.