U.S. Inflation Reduction Act disrupts global industrial, supply chains
Time:2024-05-22 10:46:34 Source:businessViews(143)
Cartoon by Ma Hongliang
The U.S. government recently enacted the provisions of the Inflation Reduction Act, barring electric cars from qualifying for full tax breaks if battery components were manufactured or assembled by countries like China.
This is how the U.S. politicizes economic issues and deliberately sets up trade barriers in the battery supply chain, in an attempt to suppress China's new energy industry chain. Chinese firms account for more than 50 percent of the global EV battery market and satisfy as much as 90 percent of demand for some battery materials, according to BloombergNEF, Bloomberg's primary research service.
This has severely disrupted global industrial and supply chains and heightened the risk of a fragmented global economy. Competition should be fair and rational. The U.S. should earnestly fulfill its WTO obligations and uphold the authority and effectiveness of multilateral trading regimes.
Previous:Midwest storms: Large hail, torrential rain and tornadoes and more is coming
Next:French Olympic fencer Thibus says she has been cleared of any wrongdoing after abnormal doping test
You may also like
- Russian general who criticized equipment shortages in Ukraine is arrested on bribery charges
- Tennessee passes bill to allow armed teachers in public schools
- Public schoolboy smashed skulls of two pupils as they slept and tried to kill teacher at £41,000
- George Santos ends comeback bid for Congress
- Election deniers moving closer to GOP mainstream as Trump allies fill Congress, report shows
- Kenya to invest 1.9 mln USD to boost EV adoption in 3 years
- Headteacher insists 12
- Max Fried throws Atlanta's first 9
- Tagovailoa misses Dolphins' OTA day to attend Saban's charity golf tournament