A U.S. House panel on China asked the Department of Treasury to clarify whether it would endorse U.S. taxpayer funding for a Chinese green energy company over its battery plant in Michigan. The inquiry comes as the Treasury formulates its guidance on applying the term “foreign entity of concern” to incentives under the Inflation Reduction Act (IRA), a new law partly aimed at reducing U.S. dependence on China for renewable energy. “It is perplexing that the U.S. government would perpetuate this chokehold by actively supporting CCP-backed companies expanding their foothold in the U.S. market, especially in a crucial sector such as lithium-ion battery manufacturing,” the chair and the ranking member of the House Select Committee on the Chinese Communist Party (CCP) wrote in their Wednesday letter to the Treasury, saying that the United States is trying to “reduce the CCP’s chokehold over critical supply chains.”...Read more https://www.theepochtimes.com/us/us-house-panel-probes-treasury-over-federal-tax-credits-for-chinese-companies-5491599