France: "US Inflation Reduction Act threatens EU companies... WTO complaint should be considered"

Major Threat to European Union (EU) Companies... Urgent Call for Firm Response from EU

[Image source=UPI Yonhap News]

[Asia Economy Reporter Koo Chae-eun] Bruno Le Maire, France's Minister of Economy and Finance, identified the U.S. Inflation Reduction Act (IRA) as a major threat to European Union (EU) companies.

In an interview on the 7th (local time) with BFM TV and the daily Les Echos, Minister Le Maire stated, "We must clearly convey to the U.S. that the IRA is a big problem for us," adding, "We cannot accept it."

The EU, including France, has pointed out that the IRA, which was fully implemented last September, provides tax incentives only for electric vehicles assembled in North America, putting European-made electric vehicles at a disadvantage in the U.S. market.

When asked about the possibility of filing a complaint with the World Trade Organization (WTO) regarding this issue, Minister Le Maire emphasized that the EU must unite and respond firmly and swiftly to the U.S., replying that all options must be considered.

Thierry Breton, European Commissioner for Internal Market, reportedly announced that a special task force (TF) was launched last month to resolve the conflict surrounding the IRA with the U.S., according to Bloomberg News.