U.S. Inflation Reduction Act disrupts global industrial, supply chains
Time:2024-05-21 10:02:41 Source:travelViews(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:Medics remove 150 MAGGOTS from a woman's mouth after dental procedure left her with rotting tissue
Next:Elon Musk gets approval from FDA to implant his Neuralink brain chip into a second patient
You may also like
- Candice Swanepoel stuns in a form
- President Xi engages in lively discussion with deputies
- Wang calls for greater solidarity
- China reprimands U.S. for economic bullying over semiconductor restrictions
- Amir Khan's £11.5m luxury wedding venue finally hosts its first marriage: Bride arrives on horse
- China's courts successfully serve and protect innovation
- Wide range of issues raised in media interviews
- China continues improving environmental quality despite challenges
- Liverpool confirms Arne Slot as Jurgen Klopp's replacement