China has initiated dispute settlement proceedings against the United States at the World Trade Organization to safeguard its interests in the electric vehicle industry, the Chinese mission said on Tuesday and the WTO confirmed.The wide-ranging law provides billions of dollars in tax credits to help consumers buy electric vehicles and companies produce renewable energy, as President Joe Biden aims to decarbonise the mighty U.S. power sector.
It said it was launching the proceedings "to safeguard the legitimate interests of Chinese electric vehicle industry and to maintain a fair level playing field of competition for the global market".U.S. Trade Representative Katherine Tai said Washington was reviewing China's request for WTO consultations "regarding parts of the Inflation Reduction Act of 2022 and its implementing measures.
A WTO official confirmed that a request from China for dispute consultations on the matter had been received, without providing details. WTO rulings on trade disputes are supposed to take six months after an adjudication panel is set up but often take longer.
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