U.S., EU to negotiate critical minerals agreement -statement

U.S. President Joe Biden and European Commission President Ursula von der Leyen agreed on Friday to immediately begin negotiations on a targeted critical minerals agreement to facilitate meeting subsidy requirements in the U.S. Inflation Reduction Act, the two leaders said in a joint statement.

The agreement aims at "enabling 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," the statement said.