HOUSTON, Texas/NEW YORK — U.S. President Trump’s new tax and spending legislation is expected to mark a major retreat in the country’s decarbonization strategy, forcing Japanese companies to revise investment plans on electric vehicles and renewable energy.
Under the law enacted Friday, the U.S. is projected to cut about $500 billion in climate-related spending over the next decade through 2034. Many support measures introduced under the Inflation Reduction Act, a signature Biden-era law aimed at developing green industries, will be either abolished or significantly scaled back.
