The U.S. economy is 'already being impacted' by China's latest COVID developments and energy shortages in Europe, Deputy Treasury Secretary Wally Adeyemo said on Tuesday, but it is in better shape than in the past to withstand such pressures. Adeyemo, in a phone interview with Reuters, said he was feeling confident about the state of the U.S. economy after his trip to Europe last week, given continued momentum in job creation and economic growth, easing inflation and huge investments that would help reduce supply chain shortages in coming years.
is forecast in Europe because of energy shortages linked to Russia's invasion of Ukraine.
Adeyemo said Treasury would focus heavily in 2023 on implementing $270 billion in tax credits provided under the Inflation Reduction Act to combat climate change, as well as parts of the bipartisan infrastructure law written to mitigate supply crunches. Adeyemo said he told allies in Europe and South Korea that the tax credits contained in the IRA were intended to help the United States catch up to them in combating climate change, and Washington wanted to work with its allies to build a clean energy supply.
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