WTO formally sets up dispute panel to assess IRA tax credits

China on Monday succeeded in escalating its World Trade Organization challenge of five Inflation Reduction Act tax credits to the dispute panel stage even as the U.S. insisted the legislation was “fully consistent” with WTO rules and would be “vigorously” defended by Washington. During a Dispute Settlement Body meeting, China put forward its second request to establish a panel following failed consultations on the issue. The U.S. blocked China’s first request in July; it could not block the second, meaning...