On Breakingviews: The EU’s pushback on aggressive U.S. green production incentives is taking shape. But plans for domestic manufacturing targets miss the wider point that Europe and the U.S. need to cooperate, writes rebeccawire
The Inflation Reduction Act’s $369 billion of subsidies over 10 years in areas like electric vehicles, wind turbine production and renewable electricity generationunder 0.2% per year of U.S. GDP, according to French economist Sébastien Jean. That’s less than the annual 0.5% of European GDP he sees as already earmarked in the EU’s seven-year budget for the green transition.
, for example, the car not only has to be assembled stateside but things like battery components need to be sourced there too.of the crisis state aid permissions it put in place after Russia invaded Ukraine, alongside expanded leeway for countries to match offers from overseas, stretches the definition of broad-based economic threat. Matching subsidies with a friendly economic competitor is not exactly on a par with a land war on the border, in terms of justifying bending the rules.
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