Microsoft strongly encourages users to switch to a different browser than Internet Explorer as it no longer meets modern web and security standards. Therefore we cannot guarantee that our site fully works in Internet Explorer. You can use Chrome or Firefox instead.

US, EU Spar Over Tax Breaks in Climate Legislation

For more crisp and insightful business and economic news, subscribe to The Daily Upside newsletter. It's completely free and we guarantee you'll learn something new every day.

The Inflation Reduction Act passed by the US Congress last August has been heralded as one of the most significant pieces of green legislation in a generation, but its impact on diplomatic relations has been as toxic as nitrogen dioxide.

On Sunday, the European Union's top competition enforcer Margrethe Vestager told the Financial Times the bloc is urging its biggest ally to reconsider the law's generous tax incentives for domestic producers, which it says could lead European companies to earning a lot less green.

Continue reading