US President Joe Biden and European Commission President Ursula von der Leyen agreed on Friday to deepen relations between the two sides in order to reach an agreement on critical minerals, the two sides said in a joint statement.
The agreement will allow "relevant critical minerals extracted or processed in the European Union to count toward requirements for clean vehicles in the Section 30D clean vehicle tax credit of the Inflation Reduction Act." In addition, both sides decided to boost cooperation and diversification in the supply of those minerals and batteries to build strong, secure, and resilient supply chains.
The two leaders also discussed issues related to the war in Ukraine, the US Inflation Reduction Act, the EU Green Deal Industrial Plan, and ways in which both parties can amplify economic protection and national security.