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France and Germany objected to the subsidies given by the United States to the visit to Washington – #France #Germany #objected #subsidies #United #States #visit #Washington

WASHINGTON, February 7 (Reuters) – France and German economic ministers in Washington USArevealed they were ready to address European concerns about the Anti-Inflation Act, but got few specifics from meetings with senior officials there.

Europe the capitals are worried that USA designed to immediately protect their companies from the impact of price increases and subsidize investments in new green technologies, the act will undermine their firms’ ability to compete in the huge North American market.

German Economy Minister Robert Habeck and his French counterpart Bruno Le Maire USAAfter meeting with Finance Minister Janet Yellen, they said that they Europe They agreed on the transparency of specific subsidies so that the Union can adapt to them if necessary.

“It’s a process and you go step by step,” Le Maire told reporters. Earlier, Habeck said that he was in no hurry to reach a solution on the issue of access to key raw materials.

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He added that the symbolic visit of the duo in charge of Europe’s two largest economies is intended to highlight the importance of the issue.

Future industries such as electric vehicles and battery manufacturing threaten Europe’s competitiveness and access to the raw materials that go into them.

After meetings with Yellen, Commerce Secretary Gina Raimondo and White House officials, Habeck and Le Maire emerged with few specifics other than promises to be clear about competing green subsidies.

Although Canadian and Mexican companies are eligible to benefit from many of its provisions, this law It does not help European competitors.

“There is a great desire … Both sides have agreed to full transparency, and we will create a technical group to make this transparency work,” Habeck said.

“State subsidies to private companies and the state tax without full transparency at the level of loans, there can be no fair competition,” added Le Maire.

Among the achievements of the meeting, Habeck listed the US-EU Trade and Technology Council’s commitment to developing common standards for green goods and an agreement to explore the creation of a “critical minerals” club to help both sides of the Atlantic reduce their dependence on China. minerals in batteries.

Some US lawmakers say that the law tax opening up their concessions to European competitors would reduce the competitive advantage they would give to US companies and limit US investment.

Reporting by Christian Kraemer and David Lawder, Writing by Thomas Escritt, Rachel More and Barbara Lewis, Editing by William Maclean

Our standards: Thomson Reuters Trust Principles.

2023-02-08 00:17:27
Source – reuters

Translation“24 HOURS”



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