US, EU agree to intensify talks on ‘green subsidies’ dispute

By MATTHEW LEE
AP Diplomatic Writer

WASHINGTON (AP) — The United States and European Union have agreed 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 talks Monday, the two sides pledged to continue work and push for a solution that benefits both U.S. and European firms, workers and consumers. 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.