VDL Eyes Free-Trade-Like Deal With US To Offset Harms From IRA

European Commission President Ursula von der Leyen is reportedly targeting a free-trade-like agreement with the US to offset some of the potential damages of the US Inflation Reduction Act when she meets US President Joe Biden at the White House on Friday.

• A European official told reporters: “My assumption would be that the leaders agree in principle they want something like that. They might give some cornerstones, some pieces of that, in their statement to make clear we are on the pathway and we should have this in no time.”
• Politico writes that time is running out before IRA implementation begins to hit EU manufacturers: “Brussels needs to convince Washington of the need for more flexibility on its $369 billion green tech package before the Treasury Department issues its final implementation guidance, expected later this month.”
• China will also be high on the agenda for Biden and VDL. The EU official said Europe shares US concern over collaboration between Beijing and Moscow: “I think there is pretty much alignment across the Atlantic that would be an absolute red line. If the Chinese cross this … this would cause reflection on sanctions.”