You might remember the Inflation Reduction Act. The federal government went all in on carbon emissions, with doubled tax credits for building retrofits. Or, as the Environmental Protection Agency put it, "The Inflation Reduction Act of 2022 (IRA) is the most significant climate legislation in U.S. history, offering funding, programs, and incentives to accelerate the transition to a clean energy economy."

Who knew that it would send the EU reaching for the nearest bottle of antacids?

EU commission vice-president Margrethe Vestager told the Financial Times that the IRA had a "toxic" effect on some European industries. The worry is that the plentiful programs of the US could do one of two things: either give US companies a financial advantage over their European counterparts or lure EU-based corporations to the US.

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