The climate bill that favors domestic production could possibly restrict trade, European countries say. Europe's industry fears that the bill, which gives tax credit for each eligible renewable energy component produced in a U.S. factory, would take away potential investment from the continent. The IRA, which was signed into law in August, also provides a tax credit of 30% of the cost of new or upgraded factories that build renewable energy components. "We're going to continue to create manufacturing jobs in America but not at the expense of Europe," Biden said. Biden in August signed the $52.7 billion semiconductor chips manufacturing subsidy and research law, which subsidizes U.S. chip manufacturing and expands research funding.

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