Macron says U.S. inflation law threatens Europe with deindustrialization
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The law to reduce inflation in the United States threatens Europe with deindustrialization, French President Emmanuel Macron said at a press conference with Spanish Prime Minister Petro Sanchez.
“Europe is going through a difficult period because of the war (in Ukraine) and also because of the trade decisions made by our colleagues in the US. If Europe does not respond, accelerating the greening of the US economy will mean the de-industrialization of Europe,” said Macron (quote according to RIA Novosti).
In August 2022, US President Joe Biden signed into law a law that should help reduce inflation. The act provides, in particular, for reducing the cost of health care, energy, reducing harmful emissions, tax reform, and reducing the deficit. In addition, a 15% minimum corporate income tax was adopted.
On December 4, the head of the European Commission, Ursula von der Leyen, said that the EU would take retaliatory measures to maintain a balance in connection with the law adopted in the United States. She also added that the EU and the US are not interested in a trade war, so the response will be “adequate and carefully balanced.”
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