U.S., E.U. Launch Talks on Battery Minerals Agreement

Following the meeting between President Joe Biden and European Commission President Ursula von der Leyen last Friday, the U.S. and E.U. announced that they will launch talks on a mineral pact that would allow E.U. manufacturers to qualify for at least part of the Clean Vehicle Tax Credit (CVTC) created by the Inflation Reduction Act.

White House Releases Trade Agenda; E.U. Chief to Meet with Biden Next Week

On Wednesday the Biden Administration released its 2023 trade policy agenda and annual report. In the report, the Office of the U.S. Trade Representative said that the U.S. will continue ongoing discussions on small, bilateral and regional pacts, and will focus heavily on worker-centered policies and enforcement of existing trade deals.

LIFO Relief, Right to Repair Bills Reintroduced; White House Issues Rules for EV Charging Network

This week a bill to provide tax relief to dealers who use the Last-In, First-Out (LIFO) accounting method was reintroduced in the Senate. Senators Sherrod Brown (D-OH) and Tim Scott (R-SC) introduced the Supply Chain Disruptions Relief Act which would provide LIFO tax relief via Section 473 of the IRS Code by giving dealers who were unable to replace their new auto inventory during tax year 2020 and 2021 due to severe supply shortage a three year grace period.