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The French president is in Washington for a second state visit. Discussions are expected to revolve around one main topic: the protectionism put in place by the United States.
Emmanuel Macron is visiting Washington for his second state visit. And he intends to make Europe’s voice heard with the main subject being the “Inflation Reduction Act“, the law adopted by Joe Biden last August, which provides for some 400 billion dollars in spending, particularly on industry.
The task looks difficult because the revival of American industry is at the heart of President Biden’s mandate. The objective for the American president: to create jobs, get rid of the Chinese influence and become a leader in this field.
Collateral victims
The Inflation Reduction Act (IRA), which came into force as part of the great climate plan, will also focus on the environment and social spending. The plan calls for more than $430 billion in investments, including $370 billion to reduce greenhouse gas emissions by 40% by 2030.
These investments will take the form of tax breaks for companies that invest in clean energy. But there will also be significant subsidies for electric vehicles, batteries and renewable energy projects if, and only if, these products are made in the US.
France and other European countries see these subsidies as a disadvantage for foreign competition: “We will not stand idly by” in the face of this plan, said French Prime Minister Elisabeth Borne.
“France and the EU do not want to become collateral victims of a more global confrontation, that of competition between the United States and China,” explains Alexandra de Hoop-Scheffer, a political scientist, in Le Journal du dimanche. The Europeans fear massive relocations of European or American companies that have invested in Europe, which will choose to move to manufacture on American soil in order to benefit from these aids.
The White House was keen to allay Europe’s concerns and John Kirby, spokesman for the US President’s National Security Council, said: “We are fully prepared to have that conversation and find a way to address those concerns.
While Emmanuel Macron hopes that “exemptions” will be put in place for some European industries, he knows that Joe Biden will not completely reverse his legislation. The idea would therefore be to go and defend a similar policy with the EU member states in the near future.
Read also > Emmanuel Macron at the “Destination France Summit” to discuss tourism issues
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The French president is in Washington for a second state visit. Discussions are expected to revolve around one main topic: the protectionism put in place by the United States.
Emmanuel Macron is visiting Washington for his second state visit. And he intends to make Europe’s voice heard with the main subject being the “Inflation Reduction Act“, the law adopted by Joe Biden last August, which provides for some 400 billion dollars in spending, particularly on industry.
The task looks difficult because the revival of American industry is at the heart of President Biden’s mandate. The objective for the American president: to create jobs, get rid of the Chinese influence and become a leader in this field.
Collateral victims
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The French president is in Washington for a second state visit. Discussions are expected to revolve around one main topic: the protectionism put in place by the United States.
Emmanuel Macron is visiting Washington for his second state visit. And he intends to make Europe’s voice heard with the main subject being the “Inflation Reduction Act“, the law adopted by Joe Biden last August, which provides for some 400 billion dollars in spending, particularly on industry.
The task looks difficult because the revival of American industry is at the heart of President Biden’s mandate. The objective for the American president: to create jobs, get rid of the Chinese influence and become a leader in this field.
Collateral victims
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