European Union leaders yesterday sought ways to stand up to the United States over its new green technologies plan that they say unfairly discriminates against Washington›s best global ally when both should be standing shoulder to shoulder in their rivalry with Russia and China.
While the 27-nation EU argues the U.S. Inflation Reduction Act unfairly locks a longstanding friend out of the lucrative American market and excessively lavishes subsidies on made-in-America investments, it is now considering a huge subsidy program of its own to boost climate-friendly initiatives.
“We have to react with strength now,” French President Emmanuel Macron said as he headed into a year-end summit of EU leaders.
At the summit, leaders were seeking to counter fears that the EU was a waning industrial power sticking to free and open trade ideals while others jumped toward subsidies and protectionism to shield local industries during recession and tough economic times.
“We are in Europe, really, at the point where we risk to be de-industrialized,” Belgian Prime Minister Alexander De Croo said.
