Borrell: US Inflation Cut Act does not respect WTO rules

According to CCTV news client news, EU High Representative for Foreign Affairs and Security Policy Borrell published an article criticizing the US “Inflation Reduction Act” on January 2 local time. Borelli wrote in the article that the bill provides for public subsidies to companies that carry out production activities in the United States, a behavior that harms the interests of European companies and does not respect WTO rules.

Borelli said the US government hopes to accelerate the energy transition through the “Inflation Reduction Act”. However, the concept of this legislation is at odds with the position of the European Union. This move will hurt the world economy. The European Union opposes public subsidies from the United States. Borelli said frankly that the EU’s financial capacity is limited and that the adoption of policies similar to those of the US at the member state level will divide the EU’s internal market. The EU is in talks with the US authorities to resolve the differences. (Headquarters reporter Gu Xin Songliang)

Edited by Xin Jing

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