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Spain's PM stated that Europe could understand Biden's Inflation Removal Act

Spain's PM stated that Europe could understand Biden's Inflation Removal Act

January 18, 2023: On Monday, Spanish Prime Minister Pedro Sanchez conveyed that the European Union has a lot to learn from Washington and its current policies to fight inflation, which says that he hopes a trade war between both flanks can be avoided.

“We need to learn,” Sanchez said when asked about the Inflation Reduction Act, which the U.S. hopes will create the go-to place for green investment.

“We need reformating some internal aspects of our industrial policies such as state aid, decreasing bureaucracy and sending a message for the endeavour worldwide that it’s Europe, and of course Spain, that is a good place to shift,” he added.

The sweeping U.S. legislation, approved by U.S. lawmakers and includes a record $369 billion that spends on climate and energy policies, received a few angry responses among the 27 EU areas.

The European Commission, the executive people of the EU, has stated that there are “serious concerns” regarding the design of the financial incentives in the package.

The EU lists points in the U.S. Inflation Reduction Act that it believes could breach international trade rules. One of the most powerful sticking points for the Europeans is the tax credits granted for electric cars created in North America. This could challenge European carmakers like Volkswagen to focus on EVs.

There have been suggestions that Washington could search for ways for a European company to access these green subsidies, but it has further enraged a few European politicians. For example, Belgium PM Alexander De Croo recently accused the U.S. of a “tough” campaign to lure firms to its shores with these measures.

“I hope not,” Sanchez stated when asked about the possibility of a trade war amid the U.S. and the EU.

“I think that needing that dialogue to hit an agreement,” he said.

“I think this war shows us the importance of unity on the defence and economic sides within the Western places,” he added.

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