France's Le Maire: Europe must defend its economic interests against U.S. subsidy package
Reuters
Published Nov 27, 2022 13:02
PARIS (Reuters) - France may try to negotiate some exemptions from the duties and limits imposed by the U.S. anti-inflation act but Europe must act to protect the bloc's economic interests, Finance Minister Bruno Le Maire said on Sunday.
Le Maire will accompany French President Emmanuel Macron on a state visit to the United States next week.
Europeans say the massive subsidy package to protect U.S. manufacturers in the Inflation Reduction Act could deal a lethal blow to their industries, which are already reeling from high energy prices caused by Russia's invasion of Ukraine.
"France may ask for exemptions on some duties and limits imposed by the U.S administration. But the real question we must ask ourselves is what sort of globalisation is ahead of us?" Le Maire told France 3 television.
"China favours Chinese production, America favours American production, it is time Europe favours European production...All European states must understand that today in the face of these American decisions, we must learn to better protect and defend our economic interests," he added.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.