Economic Insights: Europe's industry faces a new foe: U.S. plans to rebuild its industrial base after years of hollowing out by low-wage producers. But it remains to be seen how far Europe will push its resistance to the new U.S. economic agenda.
Amitpal Singh and Nick Ward
U.S. President Joe Biden signs into law the Inflation Reduction Act at the White House on Aug. 16, 2022, in Washington. Today’s Economic Insights is brought to you by McGill University. Conserving biodiversity is critical to the health of Canada’s agricultural, fishing and forestry industries. International research networks are pooling the expertise that industry and governments need to create plans and policies backed by science.Events of the past three years, most notably the pandemic and geopolitical competition, have served to reshuffle the deck of global industrial production.
. The Biden administration’s industrial policy, encapsulated by the Inflation Reduction Act, looks set to compound those woes.European industry now faces a new foe: America’s determination to rebuild its own industrial base after years of hollowing out by China and other low-wage producers such as Mexico. The Inflation Reduction Act, which has an overall price tag of US$369 billion, includes subsidies worth US$231 billion, a particular headache for European manufacturers.
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