Germany

Germany’s Habeck optimistic that EU and U.S. can reduce trade tension

cde.news desk 6 February 2023, 09:20 · 1 min read

epa10213516 German Minister for Economic Affairs and Climate Protection Robert Habeck attends a press conference on energy supply in Berlin, Germany, 29 September 2022. A gas price brake was announced by the German chancellor along with the economy and finance ministers. There will be up to 200 billion Euros available for this purpose. EPA-EFE/FILIP SINGER

BERLIN, Feb 6 (Reuters) – German Economy Minister Robert Habeck expressed optimism before departing on a trip to the United States on Monday that a European Union trade dispute with Washington can be resolved soon.

Many EU leaders are worried the local content requirements of $369 billion of green subsidies in the U.S. Inflation Reduction Act will encourage companies to relocate, making the United States a leader in green tech at Europe’s expense.

Habeck said the European Commission was taking the lead on the trade issue, but added: “We want to lend support.”

“And supporting means: in the working atmosphere that we have developed, to explore ways in which the problematic parts of the Inflation Reduction Act – that is, this industrial project – can perhaps be resolved,” he said.

“And I am quite confident that maybe not today and tomorrow but in the next few days and weeks we will succeed in finding further solutions,” he added.

Habeck and French Finance Minister Bruno Le Maire will hold talks with U.S. Treasury Secretary Janet Yellen on Tuesday.