PARIS, Nov 7 — French Finance Minister Bruno Le Maire said today that the United States’ new Inflation Reduction Act (IRA) law was a major threat to European companies and that the EU had to stand firm against it.
“We must clearly tell our US partners that it is a major problem for us. It is not acceptable. It could create a major shock on European industry,” Le Maire told BFM TV.
European industries fear that the bill, which gives tax credit for each eligible component produced in a US factory, would take away potential investment from the continent.
The IRA, which was signed into law in August, also provides a tax credit of 30 per cent of the cost of new or upgraded factories that build renewable energy components. — Reuters
