The US and EU will negotiate a critical minerals agreement that will explicitly qualify European manufacturers for electric vehicles (EV) subsidies under the US' Infation Reduction Act climate legislation. The legislation ties tax credits for EVs to US sourcing requirements for the electric batteries and raw materials used in them, with carve-outs for countries holding free trade deals with the US. The planned US-EU agreement would allow critical minerals extracted or processed in the EU to count toward the tax credit requirements, US president Joe Biden and European Commission president Ursula von der Leyen said following their meeting in Washington on 10 March.
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