France's Le Maire: working on possible exemptions regarding U.S. inflation reduction act

PARIS (Reuters) - French Finance Minister Bruno Le Maire said on Monday that he had started talks with his German counterpart over looking into possible exemptions for Europe regarding the U.S. Inflation Reduction Act.

"We have been in close contact with our German partner, economy minister Robert Habeck, over the phone this weekend to see if we can adjust the initial measures," Le Maire told France Inter radio.

President Joe Biden and French President Emmanuel Macron agreed during a state visit last week to "fix" issues arising from U.S. legislation that includes subsidies for American-made products, Macron said in a bid to assuage European concerns.

Biden's Inflation Reduction Act is a new $430 billion bill offering massive subsidies for U.S.-made products and aimed at addressing the climate crisis and promoting renewable energy.

(Reporting by Tassilo Hummel; Editing by Sudip Kar-Gupta)