New EU industrial strategy includes subsidy rules, semiconductor alliance

The European Union this week moved to update its industrial strategy by issuing a legislative proposal aimed at reining in foreign subsidies in non-market economies, laying out a strategy to deal with strategic supply chain dependencies, and continuing efforts to reach out to allies, especially in critical areas. The Biden administration has placed a heavy emphasis with working on allies as it reviews U.S. supply chains and develops a strategy to counter China’s heavy use of subsidies. The EU’s strategy...