Call Inflation Reduction Act ‘very worrying’
Top European officials have attacked President Biden’s actions amid the ongoing war in Ukraine and have even questioned whether the United States remains an ally as gas prices soar and U.S. green energy policies have put Europeans into “full-blown panic mode,” according to a report.
European officials, speaking anonymously to Politico, accused the U.S. of “profiting” off of Russian President Vladimir Putin’s invasion of Ukraine and complained that green subsidies and taxes included in the Inflation Reduction Act have deteriorated relationships between the U.S. and European allies and partners.
“The fact is, if you look at it soberly, the country that is most profiting from this war is the U.S. because they are selling more gas and at higher prices, and because they are selling more weapons,” a senior official told Politico.
“We are really at a historic juncture,” the official added, arguing that U.S. policies have disrupted trade and that high gas prices are turning public opinion against aid for Ukraine. “America needs to realize that public opinion is shifting in many EU countries.”
Among Europe’s complaints is that the electric vehicle tax credit included in the Inflation Reduction Act, a $369 billion spending and tax law signed by Biden, is “protectionist” and “discriminatory” because it imposes unfair competition on foreign manufacturers.
“The Inflation Reduction Act is very worrying,” Dutch Trade Minister Liesje Schreinemacher said. “The potential impact on the European economy is very big.”
At the same time, Putin has cut off energy exports to the rest of Europe, which has led EU countries to buy fuel from the U.S. at nearly four times the cost.—Fox News
