The European Parliament should complain to the World Trade Organization regarding the US Inflation Reduction Act, a European Parliament lawmaker proposed on Monday.
According to Bernd Lange, the chair of the EU parliament's trade committee, the US acted unfairly towards the EU with this legislation.
Lange stated that the negotiations between the EU and the US have failed to agree on any changes in the implementation of the Inflation Reduction Act (IRA). Therefore, the EU should file a complaint with the WTO in the coming months. Following the organization’s involvement, the EU will be able to determine whether Washington's actions are incompatible with WTO rules.
Bernd Lange said that the EU needs to step up support for European industry and try to reduce energy costs in the region. Earlier, Markus Ferber, a European Parliament member, called on representatives of the EU to respond to the US passing the act. The lawmaker argued that the Inflation Reduction Act “seriously complicates transatlantic relations.”
Earlier this autumn, Thierry Breton, the EU Commissioner for the Internal Market, boycotted a trade and technology summit being held in the US due to the American side's disregard for EU concerns. In addition, representatives of the euro bloc are seriously worried about the carelessness of US officials regarding the anti-inflation law.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
-
Grand Choice
Contest by
InstaForexInstaForex always strives to help you
fulfill your biggest dreams.JOIN CONTEST -
Chancy DepositDeposit your account with $3,000 and get $1000 more!
In April we raffle $1000 within the Chancy Deposit campaign!
Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.JOIN CONTEST -
Trade Wise, Win DeviceTop up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.JOIN CONTEST