President Joe Biden will host French President Emmanuel Macron for the first White House state dinner of Biden's presidency Thursday night. The star-studded, highly choreographed affair is designed to highlight the friendship between the two leaders — and downplay escalating trade tensions between the United States and European Union over the Inflation Reduction Act and the billions it provides to subsidize electric vehicles and other clean energy efforts.
But they’ve also put the U.S. at odds with European allies, which argue the subsidies violate international trade laws and would damage their own industries. The first and perhaps most obvious choice for the EU is to file a complaint with the World Trade Organization. French Finance Minister Bruno Le Maire said in a recent interview that while he believes such subsidies are “fair game” for countries to pass, they should comply with WTO rules and foster a “level playing field.”
The idea of such a program has quickly gained traction within the bloc since Macron announced it earlier this fall and has even won cautious support from longtime holdouts, such as Germany. If Europeans do the same thing, it “will accelerate the conversion to EVs. It will accelerate battery production, and it will accelerate the development of the kind of industrial base in Europe that leaders say they want. So, win, win, win,” Reinsch added. “[But] I think the Europeans are responding to that by saying, you know, our pockets aren't deep enough for that.”
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