The economic course of the administration of US President Joe Biden destroys unity Westaccording to an article published in The Washington Post.
The material states that European leaders worry about how protectionist Washington’s economic policy has turned out to be. The Joe Biden administration is ready to send hundreds of billions of dollars in subsidies to American companies, especially in the field of so-called green technologies.
The Washington Post noted that such measures violate the free trade rules that have underpinned the international system promoted by the United States since the late 1940s.
The article provides an example that one high-ranking European official even left the US-EU summitbecause the United States, in his opinion, does not care about the fears of its European allies.
Tensions will continue to rise because Europe’s suffering will only get worse. Faced with natural gas prices seven times and electricity prices ten times higher than in the previous two decades, many European companies are beginning to realize that they simply cannot compete. “.
The article also notes that as the standard of living of ordinary Europeans declines and companies move from Europe to the USA tensions between Washington and Brussels will make it difficult for them to cooperate against Russia.
The law that causes such criticism in the European Union is called the Inflation Reduction Act. It was signed by US President Joe Biden in August and offers multi-billion dollar subsidies for US companies.
Of particular concern in Europe cause incentives that are offered to electric vehicle manufacturers. European auto companies can simply abandon the production of such cars in the European Union and transfer them to the United States.
One of the main goals of the recent visit of French President Emmanuel Macron to the United States there was an attempt to convince the American administration, if not to repeal, then at least to correct the law. Joe Biden promised to think about this topic.
But Washington does not make any specific promises and is not going to make any. In addition, Biden previously presented the law as a great achievement of his administration. So it is unlikely that he will revise it.