Biden: U.S. focus on job creation won't come "at the expense of Europe"
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Joe Biden and Emmanuel Macron shake hands following a joint press conference at the White House on Dec. 1. Photo: Kevin Dietsch/Getty Images
President Biden defended his administration's economic policies during a joint press conference with French President Emmanuel Macron on Thursday, but vowed that he would not do so "at the expense of Europe."
Driving the news: The Biden administration's Inflation Reduction Act and Chips and Science Act have concerned European leaders that they could disadvantage European producers, the New York Times reported.
- The legislations include incentives meant to encourage Americans to electric vehicles and tax credits for global chip manufacturers that set up new operations in the U.S.
- “The CHIPS Act, Inflation Reduction Act are both very good for the U.S. economy, but as they were not properly coordinated with the European economies, they create the absence of a level playing field,” Macron said during an interview on ABC's "Good Morning America" that aired Thursday morning, per the New York Times.
- "The Americans are buying American and pursuing a very aggressive strategy of state aid," Macron told the French paper Les Echos in October.
What they're saying: "The essence of it is we're going to make sure that the United States continues — and just as I hope Europe will be able — to continue not to have to rely on anybody else's supply chain," Biden said, referring to the Inflation Reduction Act.
- “I make no apology” for the legislation, Biden said.
- "I never intended to exclude folks who were cooperating with us. That was not the intention," Biden added, acknowledging that there are tweaks could be made to the legislation.
- "We're going to continue to create manufacturing jobs in America but not at the expense of Europe."
Macron noted that the legislation was aimed at "a common objective goal" that includes strengthenting the technology industry, creating jobs, particularly for the middle class, and implementing the energy transition.
- France "did not come to ask for an exemption for our economy but simply to discuss the consequences of this legislation."
- "The wish of President Biden is to be building a strong industry here and to have — to secure some technology solutions for the future. France wishes exactly the same thing for itself," Macron said.
Worth noting: "The bilateral investment and trade relationship between our nations is longstanding and deep, creating significant jobs and prosperity for both. The United States and France reaffirm their commitment to an open and rules-based multilateral trading system," read a joint statement from both governments Thursday.
