US and EU to set up panel to discuss conflict over EV subsidies

According to the latest report, US and European Union (EU) officials issued a statement on Tuesday saying that a working group will be formally established next week to discuss a new US law “Inflation Reduction Act”, Europe is worried about the bill on electric vehicles. Regulations discriminate against foreign manufacturers.

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It is reported that the US government enacted in August the “Inflation Reduction Act” aimed at curbing climate change, making Washington a leader in the electric vehicle market.

Among them are provisions that require EVs to be assembled in North America to qualify for tax credits and that some of the key minerals they use come from the United States or a free trade partner of the United States.

The U.S. president’s national security adviser, Mike Pyle, agreed earlier in the day to form a panel on the subject when he met with European Commission President Ursula von der Leyen’s cabinet chief Bjorn Seibert, according to the spokesman. The working group will “promote a better understanding of the opportunities and concerns of EU producers”.

At the same time, this regulation has also caused dissatisfaction with the South Korean government and car companies. According to the South Korean ambassador to the United States, South Korean officials are working closely with the U.S. government to discuss adjusting the tax credit limit.

(via)