The IRA continues to be a heavy point of contention in Europe, with the European union and the US increasingly engaged in discussion regarding the bloc’s inclusion in the landmark legislation. The European Union is aiming for battery minerals produced within the bloc to be eligible for full subsidization under the IRA. In our view this movement would really cement the IRA as little more than anti-China legislation. What originally looked like a North and South American pact with the inclusion of Australia to trade on superior terms to the rest of the world for EV batteries has become the Americas, Europe, Japan, and South Korea against everyone else, but with particular emphasis on China. It has become like this…