WASHINGTON (Pakistan Point News / Sputnik - 29th November, 2022) US President Joe Biden and French President Emmanuel Macron are expected to discuss the European Union's trade concerns regarding the US law known as the Inflation Reduction Act, White House National Security Council spokesperson John Kirby said on Monday.
"I think certainly the issue will most likely come up," Kirby said during a press briefing when asked whether the Inflation Reduction Act will be discussed during Macron's visit on Thursday.
The bill, signed into law by Biden in August, commits $300 billion toward deficit reduction, in addition to providing approximately $369 billion in funding for energy security, including tax credits for US-made electric vehicles and subsidies to US consumers, and $80 billion to increase Internal Revenue Service tax enforcement and operations.
The European Union deems the act "discriminatory" toward goods imported into the United States. Macron called the US legislation unfriendly and non-compliant with the World Trade Organization's provisions.
EU countries are concerned the legislation may divert investments from Europe and could possibly spark a trade war between the United States and its European partners, according to media reports.
