EU has serious concerns about US Inflation Reduction Act: CNBC

NEW YORK - The European Union has "serious concerns" about the US Inflation Reduction Act, saying it breaches international trade rules, CNBC reported on Monday, citing an official document.

European officials have acknowledged the green ambitions associated with the package, but they are worried about "the way that the financial incentives under the act are designed," the document, to be presented to US officials, was quoted as saying.

The US Treasury highlighted an article from last month where US Treasury Secretary Janet Yellen said she had heard about the concerns, but played down the chances of any changes to the package, according to the report.

The sweeping tax, health and climate bill was approved by US lawmakers in August and includes a record $369 billion in spending on climate and energy policies.

The landmark package comprises tax credits for electric cars made in North America and supports US battery supply chains, the report said.