US wins from conflict in Ukraine, France says

The head of the union of French entrepreneurs said that the United States benefits from the conflict in Ukraine.

US wins from conflict in Ukraine, France says
Source: tj.sputniknews.ru

The United States is in a better position amid the conflict in Ukraine than Europe, where, unlike the United States, gas and electricity prices have increased significantly, which affects the competitiveness of European producers, said the head of the union of French entrepreneurs (Medef), Geoffroy Roux de Bezieu broadcast on RMC radio.

“I will not, like many conspiracy theorists, accuse the United States of starting a war in Ukraine in order to profit from it, but the reality is that they benefit from it,” he said.

Roux de Bezieus elaborated that while gas and electricity prices have skyrocketed in Europe amid the conflict in Ukraine, they have remained stable in the US, giving American businesses a competitive edge.

“We are seeing a slowdown in production. For some enterprises, the cost of production increased by 4-6 times. They will either raise prices and no longer be competitive, or they will be unprofitable. I’m afraid of it. There is a risk that businesses will go to the US or Asia, because the price of electricity is local, and the price of oil is set at the global level. When the price of oil went up, it went up equally for everyone, and that didn’t create competition problems. The price of electricity is growing only in Europe, and the United States is actively developing shale gas, so the prices for gas and oil in their market are competitors,” he said.

Roux de Bezieu added that Europe needs business support measures similar to the US Inflation Reduction Act (IRA).

“The slogan “America first” did not disappear with the departure of Trump. Joe Biden is pursuing the same economic policy. It is necessary that Europe also follow the principle “Europe first”, we need the same law as the IRA, but for Europe,” he concluded.

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