US, EU reach breakthrough in green subsidies impass

US President Joe Biden and European Commission President Ursula von der Leyen say they’ve made a breakthrough to resolve conflict over the Inflation Reduction Act. The European Union fears the massive package of subsidies for green tech companies in the US could lure business out of the bloc. Up for discussion was extending the favorable conditions to EU companies, in hopes of avoiding a subsidy war. In a joint statement, the two sides said they would start work on a critical raw materials agreement to end the dispute.