The United States and European Union established the council in June last year as a forum for discussing new technology and trade. “With the Inflation Reduction Act being informally discussed only over a 45-minute lunch, the commissioner has decided not to participate,” the aide added. The Inflation Reduction Act has become an acute source of tension between the allies. The European Union and United States share the biggest “bilateral trade and investment relationship” in the world, according to the European Commission’s website. Transatlantic trade hit a record €1.2 trillion ($1.26 trillion) in 2021, the Commission said.

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