Economic Indicators

Yoon asks Biden to resolve South Korea’s concerns over Inflation Reduction Act -Yonhap

U.S. President Joe Biden arrives at Osan Air Base for travel to Japan, in Pyeongtaek, South Korea, May 22, 2022. REUTERS/Kim Hong-Ji/Pool/File Photo

SEOUL (Reuters) – South Korean President Yoon Suk-yeol has asked his U.S. counterpart Joe Biden to resolve Seoul’s concerns over the recently passed U.S. Inflation Reduction Act, Yonhap news agency reported on Thursday.

The law eliminates federal tax credits for electric vehicles made outside North America, meaning companies including Hyundai and its affiliate Kia Corp will no longer be eligible for such subsidies.

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