The China-US clean energy subsidy race

The United States Trade Representative‘s annual report claims China is causing damage to global industries through massive domestic subsidies, a statement China challenges in the World Trade Organization given the large subsidies the United States has provided under the Inflation Reduction Act and the CHIPS and Science Act. As countries around the world, including Australia and Japan, follow suit and offer substantial industrial subsidies, a race to the bottom risks damaging consequences for global productivity and growth.