Talk of a trade war pitting Europe against America is brewing even as both are allies in a real war in Ukraine
Save time by listening to our audio articles as you multitask, which deals with matters of trade on behalf of its 27 member states, is that vast swathes of theare earmarked for companies making stuff in America . Electric cars assembled in North America, for example, will qualify for a tax break worth up to $7,500; those even part-made in Europe will get nothing.
This breaches free-trading principles that are supposed to bind all members of the World Trade Organisation . Americans understand Europe’s frustration but are unapologetic. The protectionist bits are popular with union-backed Democratic lawmakers. Without them, Mr Biden’s team would not have been able to wrestle the bill through Congress, insiders say. Better an imperfect deal than none at all.
lasted 17 years. By the time it ended in 2021, it was impossible to say who had won . Nowadays it is unclear that thewto , and win permission to retaliate with its own tariffs, it might not want to do so. A trade war would expose a rift between Europeans who are sceptical of globalisation—France, say, which has been pushing for “Buy European” schemes—and others like the Netherlands and Ireland who believe their prosperity depends on open trade. Both America and Europe know that China, a common economic rival, is happy to watch them squabble.
America’s trade envoy, Katherine Tai, has suggested a second possibility for Europe: it should simply respond to thewith a jumbo subsidies programme of its own. That would indeed level the playing field—if Europe could afford it. Some countries can. Germany, say, has lots of industry and little debt. But if it splurges on aid to domestic firms, that would deal a harsh blow to the’s single market.
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