Steve Cortes, head of the League of American Workers (LAW) said the so-called “Inflation Reduction Act” signed into law by former President Joe Biden (D) has allowed an “incursion” by China into the production of American electric vehicle batteries.
“Biden’s misbegotten (and misnamed) Inflation Reduction Act funneled US taxpayer money into direct aid to Chinese manufacturers of batteries!” Wrote Cortes in a March 23 American Greatness op-ed. “In fact, China now acts aggressively, in America, to force US reliance on Beijing for the energy technologies of the future.”
“Right now, there are more than 15 Chinese battery projects underway in the U.S., largely led by Chinese battery giant CATL, which the U.S. Department of Defense blacklisted as a Chinese military operation,” wrote Cortes. “The most notable project is Ford’s agreement with CATL to co-produce batteries in Michigan.”
Cortes wrote the CATL “convinces iconic American companies to partner up and assist China’s incursion into America’s battery production.”
Biden signed the IRA into law on August 16, 2022. The bill had only passed Congress with the help of former Vice President Kamala Harris (D), who cast the tie-breaking vote on the bill in the Senate.
“Just as President Trump convinces American auto firms to bring production back to the United States, does it make sense to allow a Chinese behemoth to gain control over battery supply chains and charging technology?” Wrote Cortes. “How would CATL leverage that power over American manufacturing?”
“Insultingly, current regulations would even allow these companies to receive US tax credits to build their facilities,” he wrote.
Cortes is a political advisor and commentator. He previously traded global currencies and interest rates for 25 years for large international hedge funds. He has been an on-air broadcaster for CNBC, Fox News, and CNN.
