Analysts warn bloc’s lack of industrial policy may impede riposte to $370bn US subsidy package
Anger is mounting in EU capitals at a “massive” and “super aggressive” $370bn US green subsidy package that many fear will deal a hammer blow to Europe’s industry and economy. But the bloc is deeply divided over how to respond.
Signed into law last August, the Inflation Reduction Act (IRA) offers huge subsidies and tax credits to companies investing in electric vehicles and renewable energy technologies, such as batteries, solar panels and wind turbines – as long as the products and parts they manufacture are made in America.