Protectionism

The leaders of Germany and France have reportedly reached a consensus that the EU will have to retaliate against the US if it goes ahead with planned tax cuts and energy benefits, aimed at encouraging firms to shift production stateside.

The news website Politico claimed on Thursday that Chancellor Olaf Scholz and President Emmanuel Macron are both concerned over the White House's Inflation Reduction Act, which they deem “protectionist.”

The matter was reportedly discussed at their lunch in Paris the day before. According to the outlet, citing “people familiar with their discussions,” the two leaders agreed that the state subsidy plan announced by the US would constitute unfair competition, and should not go unanswered.

www.rt.com/news/565500-politico-macron-scholz-agree-us-protectionism