Biden's IRA has left Europe blindsided. And playing catch-up could lead to 2 big mistakes
Publishing timestamp: 2023-02-02 09:10:20
Summary
The U.S. Inflation Reduction Act, which includes a record $369 billion in spending on climate and energy policies, has caused competition issues for European businesses. European Union is working to create a program to rival President Joe Biden's unprecedented climate subsidies, but it will face two key issues in the process. Some European firms have announced investment plans in the U.S. to benefit from the anticipated pickup in demand, and more could follow suit. European officials are currently looking at relaxing state aid rules so governments have more room to financially support key companies and sectors, but this solution might not be ideal.
Sentiment: MIXED
Tickers: VOWB-FF, ENEL-IT, VOW3-DE,
Keywords: politics, volkswagen ag, economy, trade, business news, europe news, enel spa, eu, joe biden, united states,