France’s Le Maire: US Inflation Reduction Act law is major threat to EU companies

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French Finance Minister Bruno Le Maire said on Monday that the US’s new Inflation Reduction Act (IRA) law was a major threat to European companies and that the EU had to stand firm against it.

“We must clearly tell our US partners that it is a major problem for us. It is not acceptable. It could create a major shock on European industry,” Le Maire told BFM TV.

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European industries fear that the bill, which gives tax credit for each eligible component produced in a US factory, would take away potential investment from the continent.

The IRA, which was signed into law in August, also provides a tax credit of 30 percent of the cost of new or upgraded factories that build renewable energy components.

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