Europe’s industrial base under threat
There are growing warnings that the continent’s industrial sector may end up structurally uncompetitive if high energy costs persist.
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TRANSATLANTIC ties were forecast to improve significantly and sustainably during Joe Biden’s presidency – yet two years into his term of office, relations are deteriorating as a result of the Inflation Protection Act (IRA).
This landmark legislation was initially welcomed by key European Union (EU) stakeholders including European Commission President Ursula von der Leyen. However, it has subsequently triggered a huge political row over the massive amount of green energy subsidies given to US industry, threatening Biden’s overarching goal of reuniting the Western alliance following the divisions of the Trump presidency.
On Dec 1, von der Leyen said that the EU must address “distortions” created by the US$430 billion US plan to incentivise climate-friendly technologies which threaten a potential transatlantic trade war. She said that, unless a compromise is found fast, the EU will “adjust our own rules” to re-create a level playing field.
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