Building a Green Bridge Across the Atlantic
Habeck and French Economy Minister Bruno Le Maire aim to press senior US officials not to actively attract green investments from Europe. This comes amid concerns over US green tech subsidies and the potential impact on European producers and investment.
European Concerns Over US Green Tech Subsidies
The Inflation Reduction Act, a multi-billion dollar subsidy package, has sparked worry among EU governments. The act will subsidize locally produced products such as electric cars and solar panels, potentially putting European producers at an unfair disadvantage and luring investment away from Europe.
US Gears Economy towards Green Markets
Habeck commends the US's efforts to shift towards green markets and reduce costs in developing climate-friendly technologies. However, he emphasizes the importance of fair competition and progress in climate-neutral technologies.
Talks on US Subsidy Package and Future Trade Relations
In addition to Yellen, Habeck and Le Maire will meet US Trade Representative Katherine Tai and Commerce Secretary Gina Raimondo. The talks will focus on the US subsidy package and its impact on future trade relations between the EU and the US.