EU to adapt state aid schemes in response to U.S. subsidy package
The HinduThe EU will adapt its state aid rules to prevent an exodus of investment triggered by a new U.S. green energy subsidy package, the bloc's chief executive said on Sunday. "The Inflation Reduction Act should make us reflect on how we can improve our state aid frameworks and adapt them to a new global environment," she added. The 27-country bloc fears that the U.S. $430 billion Inflation Reduction Act with its generous tax breaks may lure away EU businesses and disadvantage European companies, from car manufacturers to makers of green technology. Participants include U.S. Secretary of State Antony Blinken, Commerce Secretary Gina Raimondo and U.S. Trade Representative Katherine Tai, along with European Commission Executive Vice Presidents Valdis Dombrovskis and Margrethe Vestager.
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