EU has serious concerns about U.S. Inflation Reduction Act: CNBC

The U.S. Capitol building is seen in Washington, D.C., the United States, Nov. 4, 2022. (Xinhua/Liu Jie)

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

NEW YORK, Nov. 8 (Xinhua) -- The European Union has "serious concerns" about the U.S. 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 U.S. officials, was quoted as saying.

The U.S. Treasury highlighted an article from last month where U.S. 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 U.S. lawmakers in August and includes a record 369 billion U.S. dollars in spending on climate and energy policies.

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