Sweden FM-EU Will Continue To Discuss Response To US Inflation Reduction Act

Swedish Finance Minister Elisabeth Svantesson has stated that the EU will "Continue to discuss" the bloc's response to the US' Inflation Reduction Act, which includes major subsidies for green tech that are seen as anti-competitive in the EU.

• Speaking at the WEF, Commission President Ursula von der Leyen outlined the EU's planned 'Net Zero Industry Act', seen as a response to the US' IRA.
• The fact that VdL is announcing new legislation while the minister representing the Council presidency says the bloc is still discussing its response could hint at a level of disconnect or disagreement in terms of how to counter impact of US IRA.
• Svantesson's comments come after the first ECOFIN meeting of EU finance and economy ministers of 2023, headed by Sweden as the current holder of the rotating presidency of the Council of the European Union.
• European Commission VP and Trade Commissioner Valdis Dombrovskis stated that the EU wants to continue its close cooperation w/ the US on climate change. He meets with USTR Katherine Tai in Brussels later today.