US, EU agree to intensify talks on 'green subsidies' dispute

WASHINGTON (AP) — The United States and European Union agreed Monday to intensify talks to resolve EU concerns over major subsidies for American companies contained in a U.S. clean energy law.

Although no deal was reached at a meeting of the bilateral bilateral Trade and Technology Council, the two sides pledged to continue work on preliminary progress and said they would push for a solution that benefits both U.S. and European firms, workers and consumers as well as the climate.

“We acknowledge the EU’s concerns and underline our commitment to address them constructively,” the two sides said in a joint statement after the meeting at the University of Maryland in College Park, located just outside Washington.

“We underline the TTC’s role in achieving this and in supporting a successful and mutually supportive green transition with strong, secure, and diverse supply chains that benefit businesses, workers, and consumers on both sides of the Atlantic,” it said.

The dispute revolves around the U.S. Inflation Reduction Act offers about $375 billion in new and extended tax credits to help the the U.S. clean energy industry as well as buyers of qualifying electric vehicles made in North America.

But European leaders have expressed alarm that the subsidies would be an enormous setback for European companies. French President Emmanuel Macron raised the issue directly with President Joe Biden during his state visit to Washington last week during which Biden and other U.S. officials said they were willing to address the matter, including “glitches” in the law.

U.S. Secretary of State Antony Blinken noted that as soon as the U.S. became aware of the EU's concerns it set up a task force to deal with them.

“Today, I think we advanced that discussion,” said Blinken, who co-chaired...