allengo
President Biden and European Commission Ursula von der Leyen said Friday that the two sides will open negotiations on the use of critical minerals It is used to produce batteries for electric vehicles.
The two leaders met at the White House. amid growing European complaints that clean energy subsidies in the US Inflation Cut Act will divert investment from Europe and hurt their economies.
In a joint statement after their meeting, Biden and von der Leye said they would “immediately begin negotiations on a specific deal on critical minerals” to ensure that minerals mined or processed in the European Union count toward vehicle tax credits. clean under the IRA.
Potentially relevant ETFs include (TAN), (FAN), (NASDAQ:ICLN), (NASDAQ:QCLN), (PBW), (PBD), (ACES), (CNRG), (SMOG), (ERTH)
U.S. law states that for consumers to be eligible for a tax credit of up to $7,500 on their EV purchase, the EV battery must contain a significant amount of minerals from the U.S. or from a country with that the US has a free trade agreement; In addition, 50% of battery components must be manufactured or assembled in North America by 2024, gradually increasing to 100% by 2028.
Saying this week that it would invest more in the US and move away from Europe, Exxon Mobil criticized Europe’s windfall taxes on oil and gas producers and praised the US Inflation Reduction Act. USA
