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President Biden and European Commission’s Ursula von der Leyen said both sides will open on Friday Negotiations on the use of important minerals Used in the production of electric vehicle batteries.
The two leaders will meet at the White House Europe’s growing frustration that clean energy subsidies under the US Inflation Reduction Act will divert investment from Europe and hurt the economy.
Biden and von der Leyet in joint statement after meeting to ensure minerals mined or processed in the European Union qualify for clean vehicle tax credit under IRA law To that end, it said it would “immediately begin negotiations on a targeted and critical minerals agreement.”
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According to U.S. law, in order for a consumer to be eligible for a tax credit of up to $7,500 on an EV purchase, the EV battery must contain many minerals from the U.S. or countries with which the U.S. has free trade agreements. must be Also, 50% of his battery components must be manufactured or assembled in North America by 2024, and that percentage will gradually rise to 100% by 2028.
Exxon Mobil, which this week said it would increase investment in the US and pull out of Europe, has denounced Europe’s windfall profits tax on oil and gas producers. Admiring US anti-inflation laws.
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