Scholz: EU-US Subsidy Race Wrong Way To Go

German Chancellor Olaf Scholz is delivering a speech to the Bundestag on a number of issues ahead of the 9-10 special European Council summit in Brussels. On EU-US relations, he says that a subsidy race with the US would be "the wrong way to go", and that "We want to further deepen economic relations with the US." Livestream (with English translation): https://www.youtube.com/watch?v=AApKmBsd4SY

• Scholz: "Our ongoing talks on the Inflation Reduction Act are a good starting point for this - at least if the US renounces rules that put European companies at a disadvantage compared to companies from Canada and Mexico, for example,"
• On the economy: "I do not join the chorus of those prophesying a deep recession or Europe's deindustrialisation".
• On the war in Ukraine Scholz states that regarding tank deliveries "Making decisions confidentially before announcing them preserves and strengthens ties with allies. On the other hand, competing publicly to outdo each other on arms deliveries harms unity."
• On sanctions on Russia: "The EU will again strengthen sanctions against Russia to end this war. The sooner, the better...At upcoming EUCO we will reaffirm that Ukraine belongs to Europe and its future lies with the EU."