China opens WTO dispute against U.S. EV subsidies

News Snapshot:

Vehicles set to be shipped to Europe, at Taicang Port on Dec. 19, 2022, in Suzhou, China. 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. China said it was contesting "discriminatory subsidies" under the U.S. Inflation Reduction Act (IRA) that it said resulted in the exclusion of goods from China and other WTO countries. The wide-ranging law provides billions of dollars in tax credits to help consumers buy electric vehicles and companies produce renewable...