is throwing millions of dollars of public money towards makers of electric car batteries and the e. u is crying foul will have more of the latest trans atlantic trade dispute. i'm chris cobra. welcome to the program. germany. chantelle all of scholes is just back from a bridge building trip to beijing, but the debate over the sale of critical german infrastructure to china. well, it continues, the german government looks set to block the sale of a chip production facility owned by the door, one based company almost to sweden, silex, which is a unit of china's cy group. the german intelligence service had warned, of security concerns, but initially it looked like the sale would go ahead, especially after mister shoals pushed through the sale of a almost 25 percent stake in a hamburg port terminal to chinese shipping giant costco. now the company looks to sale, looks like it would be prohibit it did every business voter,

cassandra son is here to give us some more insight. cassandra, tell us more about l moss. this chip maker, and what exactly is at stake? well, you've aligned it pretty good so far, but let me elaborate a little bit. the drama really does start last year. at the end of 2021, it looks like the sale of this unit endorsement in the west of germany is going to go ahead and the company had announced his intention to sell the production of the so called wafers endorsement to silex for a total of about $85000000.00, but this swedish company was owned by the chinese side group at the time. almost management was saying that it was pushing for the sale because it needed an outside investor to secure the future of the site. and it was under these conditions then initially it looked like the economy ministry was going to approve the deal. and for once the chancellors and the economy ministry seemed like they were on the same page. but now we're getting news that are, that might not be the case and out tomorrow we could get an official and that it's

being reversed. the government, speaking with one voice, certainly a good thing. why would the government block the steel when it just greenlit the sale of or, or when it allowed costco to buy into a terminal at the hamburg? well, it might actually be because of that deal. there was a ton of pushback as the deal kind of got revise and move forward last week. and it might just, frankly look bad for berlin to look like it's giving another thumbs up to another deal involving china to out involved with what some may call critical infrastructure. so this might be a situation where because i deal with so controversial politically, both internationally. the u. s. even weighed in a little bit and domestically that this deal with silex and almost made her get the get the job. we have to say though, that a final decision has not been made public, yet the german cabinet, the got the cabinet is likely to decide on wednesday on that cassandra santa dw business. thank you.

$738000000000.00. that is the massive size of the inflation reduction act with it. the biden administration in the united states wants to, among other things, boost the production of electric cars and batteries. my brussels says those benefits for you as car makers put their european competitors at an unfair disadvantage. u. s. president joe biden is on a last minute him pain tour in heavily contested districts trying to head off democratic losses in tuesday's mid term elections. and he talks about the issue most on voters minds, inflation. we also know folks are still struggling with inflation. and so our number one priority, that's why was my child from scott trial by sign inflation reduction act to bring down the cost of everyday things that we talk about around the kitchen table. but the act is raising eyebrows in europe and asia because it includes

a $7500.00 tax credit for americans who buy an electric or hybrid vehicle. but only when it rolls out of a north american factory with domestic batteries. it's no problem for tesla g m or ford. but it's a big problem for manufacturers like toyota, q and a and b m w. the german car maker has a 2 electric and hybrid models, but only the 2 it makes in north america qualify for the tax credit next year. like cars made here, and it's spartanburg south carolina plant, but not the ones it makes in europe. it's america. the 1st, at its worst, critics say the american inflation reduction act ease a matter of concern. not only for the current on germany, but also for all european countries. so we need to work on the adequate your panel responses to this american inflation reduction act which might jeopardize to

different thing field between of 2 continents. european officials threatened to take retaliatory measures against the united states on monday, calling the subsidies contrary to world trade organization rules. to avoid a tit for tat trade war, brussels and washington have set up a task force to try to hammer out a solution. for more than 4 more on this, that's bringing the w corresponding jack power can brussels and simone a minute. she's the president of the american chamber of commerce in germany. welcome to both of you. similar. let me start with you a massive subsidy program that might cause european manufacturers to lose out on a growing market and your people should be up in arms. well i, i would be not so aligned because there are talks and i think and the act as such has a good purpose. but maybe there were some mistakes in how it was finally farmer formulated,

so correction would be necessary, but more now, a war. and jack, let me crossover you to brussels. the french economy minister, bruno, the mayor says, europe's industrial future is at risk here. that does sound quite concerned. how worried are you officials? yeah, they are pretty worried. we've actually got a mid meeting of you and ministers finance ministers of the you here in brussels today. and we've had some pretty strong comments val just on broadcast. who's the sort of european commissions trade chief? he was talking about these as dist, discriminatory provisions. yesterday we heard christine lynn of the german finance minister talking about the potential for a trade war. the language is very, very strong around this issue. the europeans are really, really worried about what this means in the heat of the mid term elections. the biden administration is very keen to show they're doing everything they can to try and reduce inflation. but that's also a concern for european ministers in european governments as well. as who is seeing

inflation skyrocket in the euro's and, and all across the european union as well. so they're making quite strong statements at the moment, but what it looks like, and what we've heard from the treasury in the u. s. janet yellen pretty much saying that they're not going to change this, that the inflation reduction nights in the u. s. is that to stay leaders? europe are concerned simona back to you. or what does this mean then for your german member companies that are doing business in the united states and hoping to prosper there in a, in a growing market. of course, our german members want to prosper and to, and be part of the trans atlantic trade. and that is what the us, what the american chamber of commerce is for trans atlantic trade. so what we need is good agreements that we have a mutual partnership that we have a chance atlantic serenity and not protection isn't. on the other hand,

i think the wording which the political leaders use at the moment very, very strong. and it's not necessarily there is a trade and techno tech technic and to trade council. there is the g. 20 summit, these goods locations to talk about and look for corrections and not immediately talk about war or counter action, because that would not help anybody. so not our members, not the u. s. companies, not neither the us nor germany. so simone, in brief terms, what are the mistakes that need to be corrected from your point of view? well, i think it's very important that we look at the protectionism, which is world for batteries, for example, also for hydrogen. and you should live,

think about biotech, pfizer. so good corporation between europe and us can prosper both. so don't close. and that is what the inflation reduction act does. don't close out . european innovation, don't close out european production. and on the other hand, we like to have us innovation u. s. technology here in europe. it would be very bad for both sides. if we now make a barrier between the 2 of they want a mina head of the american chamber of commerce in germany and jack parents are correspondent and brussels. thanks to both of you. thank you. now this massive inflation reduction act was also meant to give farmers in the us break to support them through economically tough times and help them sure up their business against the impact of climate change. today's mid term elections in the united states will show that plan has been resonating in rural america.

o, across the american midwest, farmers are wrapping up their harvest. but it's been an unusual year. the story of agriculture right now is, is really 2 different stories. economically, prices are pretty good for commodities gone and so i can kind of go up and down. but our expenses have climb tremendously. american farmers have a lot going on from rise and commodity prices. you have tension of policy makers and billions of dollars in federal funding with more of the cost. but the agriculture sector is facing a series of challenges from rising energy costs to input prices and money, se passed policies are to play. and i guess what, what bothers us as farmers as that a lot of this didn't have to happen. we were energy self sufficient, 2 years ago, and president biden, 1st thing he did was shut down the keystone excel pipeline up there. this area

would have been a tremendous economic benefit and the cost of energy when it rises like it did, causes inflation. those higher prices for agricultural products are helping offset some of their ballooning outlays, like the tripling of fertilizer costs in the past year. but farmers expect their spending to blow past their revenue for the farmers struggling the most help is on the way. as part of the $700000000000.00, strong inflation reduction ass signed into law by president joe biden. earlier this year. more than $3000000000.00 in aid is going to indebted farmers. but despite the name, what the democrat lead bill is really meant to do is battle the climate crisis. spending a further $20000000000.00 to supplement existing conservation efforts to make farms more sustainable in the long run. but brandon wife says, farmers like him have little time for the political back and forth. the american people are especially are politicians,

we think in 2 and 4 year election cycles. well out here i'm thinking in decades and generations, it's through that big picture lens that these farmers home make their choice. it whether at the polls or on their farm. and that wraps up our show for now for more check out our website at the t w dot com slash business or the w news. you tube channels press, colburn, berlin from me and the entire team. thanks for watching. have a successful with

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