2023-01-25 23:07:52

US and EU Discuss Deal to Widen Access to Inflation Reduction Act

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By Jenny Leonard

The US and the European Union are discussing a possible deal on minerals and critical raw materials in a bid to allow the EU to qualify for benefits in President Joe Biden’s massive new green investment plan, according to people familiar with the matter.

The Inflation Reduction Act, which includes roughly $500 billion in new spending and tax breaks over a decade to promote US manufacturing and services, offers certain exceptions for countries that have free-trade agreements with the US. A deal on key materials used in electric vehicles and batteries could allow the EU to access some of those advantages, said the people.

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