EU Hopes Dim for Tweaks to US Climate Law

Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union.

The EU is skeptical the US will make meaningful changes to the massive US climate law it says unfairly subsidizes American companies. The US has ignored most of the bloc’s concerns and proposals for how to make the Inflation Reduction Act less discriminatory against European firms, we've heard. Anger is growing in Europe, with Belgium’s prime minister, Alexander De Croo, accusing Washington of trying to lure green industries across the Atlantic. “They are calling Belgian firms, German firms in a very aggressive way to say: ‘Don’t invest in Europe, we have something better,’” he said. “That is something to ring the alarm bells over.” Joe Biden told his cabinet last week that he wants to move forward implementing the law as is, but aides say they’re still discussing the interpretation of the law, we're told.