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South Korean President Yoon Seok-yeol urges US President Joe Biden to resolve concerns over EV subsidy rules – Times of India

Seoul: South Korean President Yoon Skyol asked the President of the United States Joe Biden Yoon’s office said Thursday to address concerns from the South Korean government that new US rules on electric vehicle subsidies will hit the country’s automakers.
Seoul’s opposition to US anti-inflation laws (IRAs), signed by Biden That was overshadowed last month when Yun visited the United States for the first time since taking office in May.
The new law eliminates federal tax credits for electric vehicles (EVs) manufactured outside of North America. That means companies like Hyundai and its affiliate Kia are no longer eligible.
Mr. Yun conveyed his concerns to Mr. Biden in London, and the two leaders attended Mr. Biden’s funeral in the UK. queen elizabethand again on Wednesday in New York United Nations General Assemblysaid his office.
“President Yoon asked for close cooperation so that the US government can resolve our concerns in the process of enforcing the anti-inflation law,” Yoon’s office said in a statement.
Biden said he ‘knows very well’ KoreaHe added that he asked for continuation of his concerns and discussions.
of White House The two leaders said they discussed a wide range of issues, including supply chain resilience, economic and energy security, and climate change, but did not mention electric vehicle credits.
The South Korean government sees the IRA as a betrayal of Biden’s pledge to strengthen economic ties after South Korean companies announced bold investment plans in the United States.
The US Department of Commerce hinted at tensions between the two countries after meeting with the US Secretary of Commerce. Gina Raimond South Korea’s Trade Minister Lee Chang-yang in Washington on Wednesday.
“They exchanged candid views on US concerns about South Korea’s pending law imposing network usage fees on foreign content providers and South Korea’s concerns about electric vehicle tax credits,” the two said.
In South Korea, there is legislative pressure to require foreign content providers, including: netflix Alphabet’s Google pays local network charges.
South Korea’s trade ministry said Raymond sympathized with Seoul’s concerns about the IRA and vowed to continue talks.
“Our side has clearly communicated our concerns that the (IRA) is not aligned with US supply chain cooperation moves and could adversely affect future projects,” the statement said.

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