Officials are unhappy with the Inflation Reduction Act and its subsidies that could drive investment out of Europe
By Dave DeCamp, Antiwar.com
High-level European officials are furious with the Biden administration and are now accusing the US of profiting from the war in Ukraine while Europe is facing a potential energy crisis.
In comments to POLITICO, a senior EU official said, “The fact is, if you look at it soberly, the country that is most profiting from this war is the US because they are selling more gas and at higher prices, and because they are selling more weapons.”
The US-led sanctions campaign on Russia has backfired on Europe as it has ratcheted up energy prices to the point where Europeans may face blackouts this winter. On top of the energy situation, European leaders also fear they will lose out on investments due to unprecedented subsidies included in the US’s Inflation Reduction Act, which President Biden signed into law in August.
The Inflation Reduction Act includes $369 billion in subsidies and tax breaks for green businesses, incentivizing companies to invest in the US instead of Europe. European leaders have publicly criticized the US for the legislation and are considering subsidies of their own, signaling the beginning of a new trade war.
Recent Posts
In a Country That Needs Heroes, Here Are a Few Standouts This Election Season
Take Action Now Right now, the United States is unhappy enough to need a lot of heroes – and during this election year, many have emerged. Here are…
DSA Is Eyeing a 2028 AOC Presidential Run
Take Action Now Members of the Democratic Socialists of America are thinking seriously about a national presidential campaign for Alexandria…
Israel Is Accelerating Plans to Annex Neighboring Lands
Take Action Now Israel’s ethnic cleansing of southern Lebanon and Gaza has reached a scale unseen since the Nakba. The history of Israel’s offensives…
The Democratic Party Still Hates the Left
Take Action Now The Democratic Party is terrified of even small liberal reforms and will not abide left leaning democrats thwarting their plans for…