ReutersThe subsidy, created by President Joe Biden's climate measure, the Inflation Reduction Act (IRA), is meant to create domestic jobs and reduce reliance on China in the turn away from fossil fuels. "No matter how much we spend, we know that China is likely to outspend us when it comes to their investment in clean energy," Wally Adeyemo, deputy Treasury secretary, said on a call with reporters. The so-called 45X tax credit for advanced manufacturing offers credits for each product made in the United States.

Source: Wall Street Journal December 15, 2023 00:55 UTC