Subsidies, tariffs and other policies aimed at speeding the green energy transition risk putting foreign countries and companies at a disadvantage. Read more at straitstimes.com.
Valdis Dombrovskis, the European commissioner for trade, said the EU was committed to finding solutions but that negotiations needed to make progress or the EU would face “even stronger calls” to respond.Anne Krueger, a former official at the International Monetary Fund and World Bank, said the potential pain of US subsidies on Japan, South Korea and allies in Europe was “enormous.”
“It’s time to end this circular firing squad where countries threaten and, if successful, weaken or repeal one another’s climate measures through trade and investment agreements,” said Melinda St Louis, the director of the Global Trade Watch for Public Citizen, one of the groups behind the letter. The idea still has a long way to go to be realised. But even as it would break new ground in addressing climate change, the approach may also end up aggravating allies like Canada, Mexico, Brazil and South Korea, which together provided more than half of America’s foreign steel last year.
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