Import taxes and American-made cars: How the US election could impact Europe’s green economy

Some green tech investors in Europe already have plans to move to the US.

Transcript

00:00As Election Day approaches in the U.S., European investors worry about the future of the American

00:07green economy. The U.S. and the U.K. are now top markets for European electric and hybrid

00:13vehicles, with exports rising from 2% in 2017 to 26% in 2023. However, Donald Trump's proposed

00:21that 10% tax on EU goods could jeopardize this growth.

00:25There is a growing demand and people would like to have electric vehicles. And it's always this

00:31chicken-egg challenge at the end of the day. So if there is a demand for electric vehicles,

00:37also infrastructure companies will invest into charging infrastructure.

00:42Joe Biden's 2022 Inflation Reduction Act, which invested $220 billion in clean energy,

00:49led to a 55% surge in U.S.-made electric vehicle sales in one year.

00:54Donald Trump does not support this initiative.

01:24If Kamala Harris wins and supports the Inflation Reduction Act,

01:40supporting American-made green technologies and buying from Europe will become more expensive,

01:45affecting exports. Many investors plan to move to the U.S., like Italian entrepreneur Ellen

01:51Fletcher, whose Modena-based company uses AI to cut energy consumption.

01:57It is true that now with the elections there are some concerns that that might

02:02change in the United States. But I also think that the ball is kind of rolling.

02:07I don't think really that any administration can stop this.

02:11Harris or Trump, very different profiles, but both embrace an America-first approach.

02:17Regardless of elections results, European competitiveness is at stake

02:22in this rapidly changing landscape.

02:24From New York, Michela Monte for Euronews.