Biden’s climate policy would be maintained with Trump, according to the White House

Biden’s climate policy would be maintained with Trump, according to the White House
Biden’s climate policy would be maintained with Trump, according to the White House

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The White House confident about “faithful” application of the law

“I expect that whatever the circumstances, the law will be faithfully applied,” Lael Brainard said during a discussion at the Brookings Institution in Washington.

As a reminder, the IRA, the major climate plan that American President Joe Biden voted for in the summer of 2022, notably provides support for the development of local industries for renewable energies or electric vehicles. All in a stated desire to reduce inflation… but with a very protectionist appearance.

Trump wants to reduce the reach of the IRA

However, Republican White House candidate Donald Trump has made no secret of his intention to reduce the reach of the IRA as much as possible if he wins the November presidential election and makes a comeback to the House. -White.

Complex rules, not so easy to modify

This text “now appears in the tax code. These rules are complex. It takes a lot of time to draft them and to amend them”, indicated Lael Brainard, specifying that this would then require, in particular, collecting “comments from the public “. However, she affirmed, “the community of investors, the business community, the community of employees will strongly defend these projects, these jobs, these transformation plans which are taking place everywhere in the country”.

In addition, “the analyzes that have been carried out suggest that these projects are concentrated disproportionately in Republican districts,” further noted Joe Biden’s economic advisor.

“Although many Republican members opposed” the IRA during the vote, “they now loudly applaud the investments being made in their areas.”

The IRA should notably make it possible to grant $370 billion to clean energy. Tax credits are also available for the purchase of certain electric cars, provided they are manufactured in the United States. Lael Brainard specified that 100,000 people have to date benefited from this tax credit.

Sources: AFP

To sum up

While a possible victory for Trump could call into question the climate policy of the United States, with potentially significant impacts on the automobile industry, the main economic adviser to the White House appeared confident on Friday on the subject. Affirming that the investments planned by Joe Biden’s major climate plan, the Inflation Reduction Act (IRA), would be maintained even in the event of Donald Trump’s victory.
This text “now appears in the tax code. These rules are complex. It takes a lot of time to draft and amend them.”

Additionally, “analyses that have been conducted suggest that these projects are disproportionately concentrated in Republican districts”….

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