Explainer-Why the U.S. Inflation Reduction Act has rattled Europe
The European Commission presented its Green Deal Industrial Plan on Wednesday in response to the U.S. Inflation Reduction Act (IRA), with increased levels of state aid to help Europe compete as a manufacturing hub for clean tech products. While EU countries welcome the U.S. commitment to energy transition, they fear the IRA's $369 billion of subsidises for electric vehicles and other clean technologies could put companies based in Europe at a disadvantage. WHY IS EUROPE ANGRY?