The US Inflation Reduction Act has caused a lot of consternation in Europe. Governments from Paris to Berlin have fretted over the astronomical subsidies and tax breaks offered by Joe Biden’s government for manufacturers “reshoring” their supply chains for batteries, electric vehicles, and a whole manner of sectors deemed critical for national security, “resilience”, and the green transition. In response, the EU has offered a “Green Deal”, which some economists have judged as “superior” to the US act because it combines subsidies with carbon emissions pricing. Even Germany, normally hostile...…The US Inflation Reduction Act has caused a lot of consternation in Europe. Governments from Paris to Berlin have fretted over the astronomical subsidies and tax breaks offered by Joe Biden’s government for manufacturers “reshoring” their supply chains for batteries, electric vehicles, and a whole manner of sectors deemed critical for national security, “resilience”, and the green transition. In response, the EU has offered a “Green Deal”, which some economists have judged as “superior” to the US act because it combines subsidies with carbon emissions pricing. Even Germany, normally hostile...WW…