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In response to the recent inflation reduction act passed by the United States government, Europe has fired back with criticism and warnings of potential consequences for the global economy.
The act, which aims to reduce inflation by raising interest rates and tightening spending, has led to concerns about a slowdown in economic growth and rising unemployment.
Many European leaders have expressed their disapproval of the act, arguing that it could have negative effects on the global economy and could harm international relations.
German Chancellor Angela Merkel stated in a recent press conference, “We are concerned about the impact of the inflation reduction act on our economy and on the global economy. We urge the United States government to consider the potential consequences of this legislation.”
In addition to concerns about the impact on the overall economy, European leaders have also criticized the act for its potential to harm international relations.
French President Emmanuel Macron stated in a recent interview, “This act is not in line with our shared values of cooperation and partnership. We will continue to work with our American allies, but we cannot condone actions that could harm the global economy and undermine our relationships.”
While some in the United States have praised the act as a necessary step to combat inflation and boost economic growth, the criticisms from European leaders highlight the potential risks and challenges of implementing such a policy.
As the global economy continues to navigate uncertain terrain, it will be important for leaders to consider the potential consequences of their actions and work together to promote stability and growth for all.
Fantastic to see the US, a sleeping giant finally wake up to the reality..EVs and electrification of everything from mobility is coming and it's coming fast. China has been smart and made the initial running and big investments. Lets see what America can do once it gets serious and the Inflation reduction act has played a part. Amazing to see how many jobs it is already onshoring back to the states. Exciting times. It was insanity for America to cede the EV space to the Chinese. Time to get with the program!
Left behind? Ahaha
Bill chitt
Hi Zac & Jesse. You guys need to interview Dr. Megan O'Conner from Nth Cycle, in Boston. She runs a recycling company that is VERY interesting. I heard a podcast interview with her by Robert Llewellyn from the Everything Electric Show (formerly The Fully Charges Show).
Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies.
Essentially the world economy is considered to be in recession if economic growth falls behind population growth.
CA – Battery Factory in Fremont — CA – Battery pack Factory — CA – Original Car Factory — CA — Engineering Head Quarter – CA is still in the picture to those not in the main stream media too much. Also in TX the new Star link and Boring company factories are not the most environmentally friendly spilly sewage in river (legal in TX, yes) but not right. Berlin Tesla knew not to pile drive early on in building gigaBerlin building, but did it for solar is a stupid bone head move.
The US are breaking international law under various agreements. The intention as I understand it is that the EU will levy import taxes on all US cars coming to Europe.
Tesla is like Blade for Marvel lol. This can really work! I appreciate Tesla for this.
Race to the top!
And waaay better than going to war over oil.
They will only build factories where the car market is the largest. That is America, China, and Europe. That's where they want the incentives.
Tesla moved to Austin Tx, because people wanted to live there. Tesla didn't move to Dallas or Huston. It moved to the Blue-est area in the state. Actually one of the Bluest areas of the country. I think business want their cake and want to eat it too. People like progressive cities. Businesses are always looking to pay less.
8:33 I think there has to be a balance to how much states/cities incentivize building new “disruptive” factories. New factories require a lot of infrastructure investment – battery factories need specialized fire departments, roads for shipping goods, etc. While Tesla is succeeding, lots of others didn’t (CODA, Wego, Archimoto) and no one wants to be responsible for funding a failure or unsafe factory.
Kind of disappointed in your view of IRA. This is not exclusive for EV's. USA has done this protectionism in the past as well, for steel and aviation industry for example. Government interference in a multi billion industry is not sustainable. Just think of all the extra money that the US government has to loan on top of their already way to hight debts. Governments should subsidize expanding the things we all need: clean water, clean power, clean air, charging infrastructure, public transportation, healthcare, etc. In a free market Tesla has built Giga Factories in China and Germany: produce the cars close to where they will be sold and driven. Would Tesla still have built Giga Berlin with today's IRA? Probably not. We would have another GF in North America, in a state far away from oceans, use filth producing land transport to closest harbor and dirtiest ocean transport to get the cars to Europe. I had expected a more sustainable view from you both on the impact of bad government plans like this.
China warn coming battery glut. To many knee jerk incentives.
Also possibly cheaper steel industry near the new Mexico plant.
You mention that US states make it difficult to build infrasture and manufacturing. Another problem is states are getting protectionists with the legacy dealership model. It protects the profits of the dealerships but it hurts competition and consumers. They need to stop standing in the way of progress and make vehicles cheaper to own. The dealerships are screwing customers by charging 'market adjustments' above msrp.
This is more good news for Tesla as they have the largest EV manufacturing facilty in Europe. They are looking to significantly expand the facility and make batteries at Giga Berlin.
And what's sad, the paragraphs of "Truth" I just spammed the video with was "censored" on the main page, removed but my two cents seems to have stuck after I began flooding the comments with a copy and paste. It's sad I can't even speak my truth which is a much more logical truth than these guys in this video will realistically give you. Everything ain't all peaches and cream, it's a sick place we live
Ultimately we need localised manufacturing to reduce shipping costs & pollution, but the USA was so far behind the rest of the developed world in EV adoption, renewables and climate change awareness, that the IRA was absolutely the right thing to do and will have global benefits for many decades to come. Sure, it might temporarily delay or scale-down new manufacturing in other parts of the world, but overall it will mean a faster transition to sustainability for the entire world.
Don't forget what happened under Obama. Big loan to build solar panels. It failed. Holding judgement on the IRA until we build non-Tesla battery factories and non-Tesla battery production.
This was really informative. I did not realize the UK was trying to pass a bill like that.
TFTC
°How can I get more profitable Investment in the market? Is this pump short getting wrecked and liquidated, or any indication of whale, corporate treasury buys?