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Macron comes to US as EU fears America will gut European industry, reports say


https://sputniknews.com/20221130/macron-comes-to-us-as-eu-fears-america-would-gut-european-industry-reports-say-1104846975.html

Macron comes to US as EU fears America will gut European industry, reports say

Macron comes to US as EU fears America will gut European industry, reports say

While the EU backed US sanctions against Russia after the start of Russia’s special military operation in Ukraine, European officials were not happy… 30.11.2022, Sputnik International

2022-11-30T06:16+0000

2022-11-30T06:16+0000

2022-11-30T06:17+0000

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French President Emmanuel Macron has arrived in Washington for a four-day official visit, becoming the first head of state to visit the United States since the start of Joe Biden’s presidential term. According to the American press, Macron would urge his American counterpart to mitigate the effects of the Inflation Reduction Act, providing exemptions for European companies, the American press suggested. The legislation, which is expected to take effect in January, provides massive support for U.S. industry, including subsidies and tax credits for products assembled in North America or created with U.S. parts. So, reports indicate that European officials are extremely concerned that the act, alongside soaring energy prices, will force many manufacturers to shift production to the United States. Moreover, Macron’s trip to the United States comes just a week after the French president hosted a dinner for top European businessmen. , including executives from the BMW Group, the British-Swedish pharmaceutical company AstraZeneca, the French industrial gases producer Air Liquide SA, and many others. Meanwhile, Washington also noted that economic cooperation between the United States and Europe would be one of the key points at the Biden-Macron talks. Europe’s economy has taken a hit after the EU passed sanctions against Moscow, citing Russia’s military operation in Ukraine. As Moscow warned European countries that such moves would be “suicidal” for the bloc, crippling its economic prospects, Brussels passed several rounds of sanctions against Russia and massively increased purchases of liquefied natural gas. As a result, the sanctions have exacerbated the problems in the global market. damaged energy markets and supply chains, leading to a wave of inflation and rising energy prices.

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emmanuel macron, joe biden, industry, us, eu, europe, european union, macron visits us, cut inflation act, free trade

emmanuel macron, joe biden, industry, us, eu, europe, european union, macron visits us, cut inflation act, free trade

While the EU backed US sanctions against Russia after the start of Russia’s special military operation in Ukraine, European officials were not happy with the economic crisis that hit the bloc. US economic policies that heavily favor the US market only contribute to tensions between Brussels and Washington.

French President Emmanuel Macron has arrived in Washington for a four-day official visit, becoming the first head of state to visit the United States since the start of Joe Biden’s presidential term.

According to the American press, Macron would urge his American counterpart to mitigate the effects of the Inflation Reduction Act, by making exemptions for European companies, the American press suggested.
The legislation, which is expected to take effect in January, provides massive support for U.S. industry, including subsidies and tax credits for products assembled in North America or created with U.S. parts. So, reports indicate that European officials are extremely concerned that the law, alongside soaring energy prices, will force many manufacturers to shift production to the United States.

“We need a Buy European Act like the Americans,” Macron said last month, addressing economic problems within the EU. “You have China protecting its industry, the United States protecting its industry, and Europe is an open house.”

Moreover, Macron’s trip to the United States comes just a week after the French president hosted a dinner for Europe’s top businessmen, including executives from the BMW Group, the British-Swedish pharmaceutical company AstraZeneca, the French industrial gas producer Air Liquide SA and many others.

Meanwhile, Washington also noted that economic cooperation between the United States and Europe would be one of the key points of the Biden-Macron talks.

“We want to understand the concerns. We are absolutely willing to have this conversation and find a way to resolve these issues,” noted National Security Council Strategic Communications Coordinator John Kirby.

Europe’s economy has taken a hit after the EU passed sanctions against Moscow, citing Russia’s military operation in Ukraine.

As Moscow warned European countries that such moves would be “suicidal” for the bloc, crippling its economic prospects, Brussels passed several rounds of sanctions against Russia and massively increased purchases of liquefied natural gas.

As a result, the sanctions have exacerbated problems in global energy markets and damaged supply chains, leading to a wave of inflation and rising energy prices.



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