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France's Le Maire: Europe must defend its economic interests against U.S. subsidy package

Economy Nov 27, 2022 08:05AM ET
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© Reuters. FILE PHOTO: French Minister for Economy, Finance, Industry and Digital Security Bruno Le Maire arrives for a meeting at the Elysee Palace in Paris, France, Nov. 8, 2022. REUTERS/Benoit Tessier/File Photo

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.

France's Le Maire: Europe must defend its economic interests against U.S. subsidy package
 

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Comments (1)
raf queiro
raf queiro Nov 27, 2022 8:50AM ET
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🙈 germany favours german production , france favours french prductions and so on and on ... eu is just a political madhouse
Benjamin USA
Benjamin USA Nov 27, 2022 8:50AM ET
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And us states care about their production. There is nothing unique or weirdly European about this.
Alex Malmstrom
Alex Malmstrom Nov 27, 2022 8:50AM ET
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Benjamin USA  With the exception of the USA wanting to drain what strength is left of European industry in order to bolster its own fading industry, or in other words, remove any remaining competition. The USA is hoping to restore the post-WW2 economic landscape when it had no competition and was, therefore, able to mass produce ultra-low quality electronics and automobiles sold at inflated prices.
 
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