The Biden administration’s massive energy transition spending plans risk hurting the relationship between the U.S. and the EU by pushing the latter closer to China, the bloc’s trade commissioner has warned.According to Valdis Dombrovskis, as quoted by the Financial Times, the Inflation Reduction Act, which stipulates spending of some $369 billion, most of its for the energy transition, could make “overtures and propositions” from China to the EU more appealing.Should this happen, he went on to add, it “may work against the stated aim of the Inflation Reduction Act”.
Earlier this month, French President Emmanuel Macron also criticized the Biden administration’s spending bill, saying it could fragment the West. The warning came after Macron slammed the IRA during a visit to the U.S., saying it would hurt the competitiveness of European businesses.“The…