Sharp focus on lowering costs, ensuring success of US businesses: USTR

“This historic achievement will create good-paying jobs and further advance US leadership in the development of cutting-edge clean energy technology. The Inflation Reduction Act will also combat climate change, reduce the deficit, and provide significant financial relief for Americans by lowering health care premiums and energy costs,” she said in a statement. 

“With this legislation, the Bipartisan Infrastructure Law, the CHIPS and Science Act, and a range of executive actions, the United States is in a stronger position to maintain our global competitive edge for years to come,” she added.

The Inflation Reduction Act of 2022 will make a historic down payment on deficit reduction to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 per cent by 2030.

The bill will also finally allow Medicare to negotiate for prescription drug prices and extend the expanded Affordable Care Act programme for three years till 2025.

Additionally, the agreement calls for comprehensive Permitting reform legislation to be passed before the end of the fiscal. Permitting reform is essential to unlocking domestic energy and transmission projects, which will lower costs for consumers and help us meet our long-term emissions goals.

Fibre2Fashion News Desk (DS)