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EU protests Biden’s ‘inflation reduction Act’

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The European Commission has sent a letter to the United States, demanding changes to the Biden administration’s Inflation Reduction Act, citing violations of World Trade Organization principles.

Specifically, European officials pointed to Washington planning to spend $369 billion in subsidies and tax credits for American producers and consumers.

According to the EU, the move would violate WTO competition rules, creating a “race to the bottom” on clean energy incentives, and could lead to retaliation.

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