President Yoon Addresses Inflation Reduction Act Concerns During Visit with Vice President Harris

It will be interesting to see if the Biden administration tries to make any changes to the IRA to address Korean concerns:

U.S. Vice President Kamala Harris promised President Yoon Suk-yeol on Thursday that the United States will look for solutions to South Korea’s concerns about the Inflation Reduction Act (IRA) as the law is implemented, the presidential office said.

Harris conveyed the position after Yoon reiterated South Korea’s concerns that the law will hurt Korean carmakers by giving tax credits only to electric vehicles assembled in North America, according to deputy presidential spokesperson Lee Jae-myoung.

“President Yoon delivered our concerns about the U.S. IRA, saying he hopes the two countries will closely cooperate to produce a mutually satisfying agreement in the spirit of the South Korea-U.S. free trade agreement,” Lee said during a press briefing.

“In response, Vice President Harris said not only she, but also President Biden, are well aware of South Korea’s concerns and will look into it carefully in order to find ways to resolve South Korea’s concerns in the process of the law’s implementation,” he said.

Yonhap

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