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VdL-EU & US Could Cooperate On Reducing Dependence On Chinese Commodities

EU

Commission President Ursula von der Leyen has been speaking on a number of topics delivering an address at Bocconi University in Milan, Italy. On the US Inflation Reduction Act, VdL says EU is in talks with the US on the legislation, and raises the prospect of joint purchases of commodities to reduce dependence on China.

  • VdL: "...we are closely working with the Biden administration on the most concerning aspects of the IRA. This includes, for instance, joint efforts on several clean tech sectors, where we face common challenges like over-dependencies on China. One of the possible solutions could be to create a raw materials club, to overcome China's monopoly in this field."
  • Link to entire speech text: https://ec.europa.eu/commission/presscorner/detail...
  • On EU issues w/IRA.: "the Inflation Reduction Act can also create distortions by, for example, privileging US firms. It is the ‘Buy American' logic that underpins part of the IRA. It is tax breaks that could lead to discrimination and production subsidies that could discriminate European companies. We have to address this."
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