The United States and European Union are working toward agreement in principle on a deal to make European minerals eligible for tax credits, a senior EU official said Friday.
The EU official said it was critical to reach an agreement soon, given moves by some European companies to shift production to the United States.
"We need to react now, and we need to at least avoid as much as possible these disturbances, by granting an FTA-like status, and having better access when it comes to raw materials, battery production, for example." He said the U.S. side was pressing for the agreement to be "legally binding," but it would be difficult have that in place ahead of von de Leyen's visit. "I think that commitment to do this, and to do it quickly, could well be an outcome of next week's discussions." "We're not talking about market access here ... This would be very reduced and certainly not a free trade agreement in the classical way," the official said.
The EU, South Korea, Japan and other U.S. allies have harshly criticized the IRA's provision requiring EVs to be produced in North America to qualify for consumer EV tax credits.a U.S. Treasury Department decision to allow EVs leased by consumers to qualify for up to $7,500 in commercial clean vehicle tax credits.
Reporting by Andrea Shalal; additional reporting by Trevor Hunnicutt; writing by David Shepardson; Editing by Kirsten Donovan
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