U.S. – Discriminatory measures in IRA must be addressed and solved

(2 December 2022) - On Monday 5 December, the third Ministerial meeting of the U.S.-EU Trade and Technology Council (TTC) and the first Transatlantic Labour Dialogue will take place in Washington, DC. BusinessEurope welcomes these platforms to discuss a coordinated EU-US approach on major bilateral and global challenges.

BusinessEurope Director General Markus J. Beyrer said: “Finding a negotiated solution that addresses the discriminatory elements included in the US Inflation Reduction Act (IRA) ensuring that European companies and products are not put in a disadvantageous position is indispensable. If implemented in a non-discriminatory way, the IRA can also bring about opportunities for EU-US cooperation, leading to more investment and employment across the pond. Increased climate ambition and adding investments in clean technologies and solutions are noble objectives that we share but they must not come at the expense of European interests and rather strengthen Transatlantic ties.”

In preparation for the Trade and Technology Council ministerial meeting, BusinessEurope published a joint statement with the U.S. Chamber of Commerce highlighting priority outcomes that can help translate the potential of the TTC into tangible results. The key priority for European business remains improving the bilateral relationship and reducing the costs for companies. The TTC should work to remove barriers to transatlantic trade in goods and services and ensure a level playing field as we navigate the digital and green transitions, encouraging continued cooperation on shared objectives.