European Union has "serious concerns" about the U.S. Inflation Reduction Act, saying it breaches international trade rules, according to an official document seen by CNBC.
The sweeping tax, health and climate bill was approved by U.S. lawmakers in August and includes a record $369 billion in spending on climate and energy policies. The landmark package comprises tax credits for electric cars made in North America and supports U.S. battery supply chains.
European officials have acknowledged the green ambitions associated with the package, but they are worried about "the way that the financial incentives under the Act are designed," the document, which will be presented to U.S. officials, says. The EU listed nine of the tax credit provisions that it has an issue with.
Speaking in Brussels, the EU's trade chief said, "We have established a taskforce to deal with these issues ... we are currently concentrating on finding a negotiated solution."
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