A Subsidy War Without Winners
The brewing dispute between the United States and the European Union over clean-energy subsidies may set in motion a vicious cycle of protectionist measures. At a time of heightened geopolitical tensions, the world’s leading democracies should strengthen the global rules-based system, not undermine it.
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LONDON – After the “currency wars” of the previous decade and the “trade wars” unleashed by former US President Donald Trump, a new kind of conflict is emerging between two of the world’s leading powers. Or at least that was the talk during the World Economic Forum in Davos, where pundits and policymakers fretted over so-called “subsidy wars.”