Explainer: The latest on tax credit rules in Biden's climate and drugs bill
Reuters
23-05-18 05:09
The Inflation Reduction Act, signed into law by US President Joe Biden in August, has spurred a subsidy race and rankled foreign allies and global companies with its economic protectionism. Despite prompting concerns from some G7 leaders and global CEOs, Japanese officials have agreed a trade deal with the US to expand eligibility for EV tax credits. Tesla has declared a strategy shift centred on the Act’s incentives while Mercedes-Benz and Audi are looking to invest further in the US. However, some of the biggest global drugmakers are preparing to fight the Act’s plan to negotiate Medicare drug prices.