The European Union is reportedly preparing to take a series of combative measures, with major manufacturers, including automakers and steel companies, closing plants and making significant layoffs.
Industries in the European Union face electricity costs that are two to three time higher than those in the United States. EU efforts to bend tax rules to favor cleaner energy sources have stalled since 2021, while the vast majority of these taxes are currently determined by national governments and outside the EU's direct control.
The EU official emphasized that in other to contribute to European industries' ability to compete with China, more comprehensive measures are needed, such as EU regulations mandating the prioritization of locally produced, greener products, and underlined that reducing taxes will not provide sufficient benefit to the sector.
Comments
No comment yet.