Treasury: For EV tax credit rules, ‘free trade agreement’ could encompass variety of deals

The Biden administration on Thursday indicated it is likely to take a broad view of the meaning of “free trade agreement” for the purposes of a controversial sourcing requirement for new electric vehicle tax credits. The European Union and other close trading partners have been pressing the U.S. to loosen certain sourcing rules underpinning the credits, created under the Inflation Reduction Act. Those rules include a requirement that a certain percentage of the critical minerals used in the vehicle’s battery...