Biden, Macron vow to surmount spat over green industry subsidies
President Joe Biden said US support for green industry was not intended to be at Europe's expense as he and French leader Emmanuel Macron pledged to surmount a serious transatlantic trade dispute.
Speaking after summit talks at the White House, both stressed cooperation amid European Union concern that Biden's landmark Inflation Reduction Act (IRA) was anti-competitive and would cost European jobs, especially in the energy and auto sectors.
"We agreed to discuss practical steps to coordinate and align our approaches so that we can strengthen and secure the supply chains, manufacturing and innovation on both sides of the Atlantic," Biden said in a joint news conference.
Biden said he would not apologise for the $430 billion IRA passed in August that largely focuses investments and investment support on climate and social spending.
He admitted the legislation is so large and complicated that it unavoidably has "glitches" that need to be worked out.
Macron acknowledged that the IRA goal of creating jobs and advancing the transition to green energy was "a common objective" shared by Europe.
After meetings with Biden and members of the US Congress, Macron said he felt that they had the same intent.
"We want to succeed together -- not against each other," Macron said.
"We Europeans need to move faster and stronger to have the same ambition."
The two sides will address specific issues in a meeting on December 5 of the EU-US Trade and Technology Council.
