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Home Headlines U.S., France agreed to “fix” U.S. subsidies issues, says Macron
2022 12 05T004204Z 1 LYNXMPEIB400P RTROPTP 4 UKRAINE CRISIS MACRON

U.S., France agreed to “fix” U.S. subsidies issues, says Macron

by Uma Rajagopal
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(Reuters) -President Joe Biden and French President Emmanuel Macron agreed during a state visit earlier this week to “fix” issues arising from U.S. legislation that includes subsidies for American-made products, Macron said in a bid to assuage European concerns.

Biden’s Inflation Reduction Act is a new $430 billion bill offering massive subsidies for U.S.-made products and aimed at addressing the climate crisis and promoting renewable energy.

But European leaders say the legislative package is unfair to non-American companies and would be a serious blow to their economies as Europe deals with the fallout from Russia’s February invasion of Ukraine.

“What we decided with President Biden is precisely to fix this issue. And they are fixable,” Macron told CBS’ 60 Minutes in an interview released on Sunday.

On Thursday, speaking alongside Macron, Biden said: “There are tweaks that we can make that can fundamentally make it easier for European countries to participate and or be on their own.”

(Reporting by Costas Pitas in Los Angeles; Editing by Cynthia Osterman and Diane Craft)

 

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Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.