The Shift in the U.S.Approach to Regional Value Chain Rule:From the Perspective of IRA Clean Vehicle Subsidy Clause
Under the guidance of economic nationalism,the international economic engagement of the U.S.has entered a new stage.While deviating from the traditional FTA approach of building regional value chain,the U.S.turns to a regional content rule based on industrial policy.This is currently exampled by the clean vehicle tax credit clause in the Inflation Reduction Act.The logics underpinning this shift by the U.S.include the economic logic di-rected by economic nationalism,the political logic of prioritizing security over efficiency and value-oriented alliance,and the legal logic of reconstructing international economic order with unilateral rule.This regional content rule is likely to violate the WTO principles and rules of national treatment,most-favored-nation treatment and prohibited subsidies.It will establish invisible and hard barriers to trade,increasing unilateralism in international economic and trade rules.In the meantime,it will accelerate the trade and investment flows back to North America,thus distorting the efficient division of labor in global value chain.Faced with the discriminatory treatment and challenge of this rule,China must actively utilize the international dispute resolution mechanism,and in the meantime,consolidate and up-grade the local industry chain,as well as accelerate the dislocated competition and global strategic layout of EV industry.
Industrial PolicyEconomic NationalismRegional Value Chain RuleInflation Reduction ActClean Vehicle Subsidy
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