Germany’s Scholz confident will get solution to U.S. Inflation Reduction Act

TIRANA (Reuters) – German Chancellor Olaf Scholz expressed confidence on Tuesday that the European Union and United States would resolve their differences on the U.S. Inflation Reduction Act, a $430 billion green energy subsidy package.

“I am confident that this will involve a lot of work, a lot of effort, and certainly a lot of decisive discussions, but that in the end we will find a solution that we can all live with — the USA, the European Union and its member states,” Scholz told reporters at a news conference in Albania.

Many EU countries fear their companies will be unfairly disadvantaged by the subsidy package relative to rivals in the United States.

(Reporting by Andreas Rinke; Writing by Madeline Chambers and Paul Carrel)