South Korean officials will meet U.S. counterparts this week to express “concerns” about the Inflation Reduction Act, which restricts who can receive U.S.
subsidies for the production of electric vehicles and where firms can source battery materials.
President Joe Biden signed into law this month a $430 billion bill, seen as the biggest climate package in U.S. history.
The law requires that EVs be assembled in North America to qualify for tax credits, ending subsidies for several EV models, and that a percentage of critical minerals used in batteries come from the United States or an American free-trade partner.
S.Korea to raise concerns about EV credits, battery sourcing in U.S. visit
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