U.S. Inflation Reduction Act disrupts global industrial, supply chains
Time:2024-04-30 04:09:04 Source:worldViews(143)
Cartoon by Ma Hongliang
The U.S. government recently enacted the provisions of the Inflation Reduction Act, barring electric cars from qualifying for full tax breaks if battery components were manufactured or assembled by countries like China.
This is how the U.S. politicizes economic issues and deliberately sets up trade barriers in the battery supply chain, in an attempt to suppress China's new energy industry chain. Chinese firms account for more than 50 percent of the global EV battery market and satisfy as much as 90 percent of demand for some battery materials, according to BloombergNEF, Bloomberg's primary research service.
This has severely disrupted global industrial and supply chains and heightened the risk of a fragmented global economy. Competition should be fair and rational. The U.S. should earnestly fulfill its WTO obligations and uphold the authority and effectiveness of multilateral trading regimes.
Previous:Classic Peking Opera films set for screening in Beijing
Next:Chinese citizen killed, another wounded in mass stabbing attack at Sydney mall
You may also like
- Chinese defense minister holds video call with US counterpart
- Semiautomatic firearm ban passes Colorado's House, heads to Senate
- China's Jiangsu Acrobatic Troupe performs in Stuttgart of Germany
- Steve Clifford wins final game as Charlotte coach, Hornets beat playoff
- Ecuador announces complaint against Mexico at top UN court in diplomatic spat
- LeBron James' triple
- Flying Tigers members mark 80th anniversary of U.S. force's participation in China's resistance war
- Lucy Hamilton: Connecting cultures through the power of poetry
- At least 40 people die in Kenya after dam collapses