Europe disarmed in the face of American protectionism

GM electric Hummers in Detroit. Dominick Sokotoff/Dominick Sokotoff/Sipa USA via Reuters Connect

DECRYPTION – The EU is seeking a solution to Biden’s “anti-inflation” plan, which is creating distortions of competition with its massive subsidies.

Gathered this week at the G20 summit in Bali, the world’s most powerful leaders reaffirmed their desire to strengthen the “multilateral trade“. However, behind this facade of cooperation, protectionism is making a strong comeback in an increasingly fragmented world. Faced with the multiple risks weighing on the world economy and the rise of geopolitical tensions, States, led by America, are seeking to defend their national interests. Joe Biden’s vast anti-inflation plan (IRA), voted in August by Congress, is causing tensions with his traditional allies, South Korea, Europe and Japan.

“I sounded the alarm bell in August”, recently protested Thierry Breton, the European Commissioner for the Internal Market, on BFMTV. He criticized the367 billion dollars in subsidies, of gigantic proportions, which have nothing to do with what we authorize in Europe; this creates a real distortion of competition“. The concern is strong…

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