Tuesday, October 4, 2022
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US, South Korea alternate ‘frank views’ amid EV subsidies dispute | Enterprise and Financial system


Tensions over financial points come as South Korean President Yoon Suk-yeol makes first US journey.

The US on Wednesday stated its commerce secretary and South Korea’s commerce minister exchanged “frank views” over Seoul’s pending laws on community utilization charges on overseas content material suppliers and Washington’s electrical car credit throughout a gathering.

The Inflation Discount Act regulation, signed by President Joe Biden final month, eliminates federal tax credit for electrical automobiles made exterior North America, which means firms, together with Hyundai and its affiliate Kia Corp, will now not be eligible for such subsidies.

South Korean President Yoon Suk-yeol arrived for his first official journey to the US this week however the tensions threatened to disrupt a latest show of alliance energy with Washington.

In South Korea, there’s a legislative push to make the likes of Netflix and Alphabet’s Google pay native community charges.

Whereas the readout from the US Commerce Division stated Secretary Gina Raimondo and South Korea’s Lee Chang-yang reaffirmed the significance of the bilateral financial relationship, it additionally hinted at tensions.

The pair “exchanged frank views on US considerations about South Korea’s pending laws to impose community utilization charges on overseas content material suppliers and South Korea’s considerations regarding electrical car tax credit,” it stated.

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