German Chancellor Olaf Scholz and French President Emmanuel Macron are so concerned that Joe Biden’s programs to attract, keep and support companies in the United States will successfully encourage investment, they’re planning countermeasures to protect European businesses, Politico reports.
While the previous administration’s policies sought to inflict wounds on foreign industries in a massive trade war that failed miserably, Biden crafted bills like the Inflation Reduction Act and various infrastructure bills to attract foreign companies to grow their operations in the United States. The IRA also incentives companies and consumers to buy American-made products–particularly in the growing renewable energy and electric car markets–putting European-made products at a disadvantage both intra- and internationally.
As inflation nearly double that of the US hits across Europe–’cause y’know Bidenflation is global–the leaders of the European Union’s two largest economies met for a three-hour lunch in Paris that included wine, fish and Champagne.