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Russian Ministry of Defense: 37 Ukrainian drones destroyed in 4 hours over regions of Russia and the Black Sea.
Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.

EU prepares subsidy program to shield vital industries from US' IRA

  • By Al Mayadeen English
  • Source: Agencies
  • 23 Nov 2022 18:21
4 Min Read

Serious concerns have been raised since Washington adopted the Inflation Reduction Act (IRA), which many officials believe will entice crucial enterprises to invest in the US rather than the EU. 

  • x
  • EU Preparing Subsidy Assistance to Protect Industry From Relocation to
    EU Preparing Subsidy Assistance to Protect Industry From Relocation to

News outlet Politico reported on Wednesday that the EU is planning to launch a bloc-wide subsidy assistance program to shield its own industries from US competitors.

In light of the sweeping energy crisis throughout the EU, serious concerns have been raised since Washington adopted the Inflation Reduction Act (IRA) on August 16, 2022, which many officials believe will entice crucial enterprises to invest in the US rather than the EU. 

Some EU officials have gone as far as criticizing the bill for breaching international trade rules.

The EU has „serious concerns“ about the US Inflation Reduction Act, accusing the US of breaching international trade rules

=> In a nutshell the US 🇺🇸 is further pushing the deindustrialization of the EU. Now the EU warns of a trade war 🇪🇺🏚️

Ze German Finance Minister Lindner 🇩🇪 https://t.co/sC0g75K4Wg pic.twitter.com/oZeIZaeuYd

— Yoda Research (@YodaResearch) November 7, 2022

The IRA specifically covers a wide range of areas, including energy-related legislation.

It increased the Investment Tax Credit for renewable energy projects from 26% to 30% and extended it to all storage projects.

It also includes tax credits to manufacture solar panels, inverters, and racking components.

In addition, there are more tax credits for electric vehicles, electrical panels, heat pumps, and many other products directly related to the renewables industry.

According to sources quoted by Politico, the EU has been working on launching an emergency package to direct money to its vital industries.

The sources said it is crucial that the bloc acts fast because companies are now making the decisive choice to know whether they will relocate to the US or remain in the US.

On November 18, a co-leader of Germany's ruling Social Democratic Party (SPD), Lars Klingbeil, said Germany is currently facing the risk of undergoing a process of de-industrialization due to partial disruptions in supply chains, staff shortages, and soaring energy prices.

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Some argue that Germany may be forced to go back to the firewood era, as its gas stockpiles won't be enough to fight off the upcoming cold in Europe.

The bill promises to put the difference of about $300 billion toward deficit reduction. It will also provide $369 billion in funds for energy security and climate change. $64 billion will be allocated to the Affordable Care Act over the next ten years.

Moreover, it will raise $739 billion in revenue by imposing a 15% corporate minimum tax. Printing that much more money to solve inflation does not seem to be a valid approach. But because the US dollar is the global reserve currency, there is no real trouble it that. 

The bill will also aim to reform prescription drug pricing policies, boosting Internal Revenue Service tax enforcement and addressing the carried interest loophole.

Read more: EU Parliament designates Russia as 'state sponsor of terrorism'

In recent months, relations between the EU and the US have not been as smooth. Last month the EU condemned the subsidies offered to American companies in President Biden’s Inflation Reduction Act, giving them unfair leverage over their European rivals.

French President Emmanuel Macron has recently expressed that such subsidies on electric vehicles discriminate against the EU and other trade partners.

Macron also slammed the US for practicing double standards as it offers EU gas prices 3 to 4 times higher than the prices in the American domestic market.

"American gas is 3-4 times cheaper on the domestic market than the price at which they offer it to Europeans.

These are double standards," Macron stated, adding that "it concerns sincerity in transatlantic trade" and that this issue should be addressed.

Read more: Europe takes China's side in new 'Cold War': The Telegraph

  • USA
  • Inflation Reduction Act
  • European Union

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