According to Yoon’s office on Thursday, South Korean President Yoon Suk-yeol asked American President Joe Biden for assistance in addressing Seoul’s worries that new U.S. regulations on electric vehicle subsidies may harm the nation’s automakers.
Yoon’s first trip to the US since taking office in May has been overshadowed by Seoul’s resistance to the Biden-signed Inflation Reduction Act (IRA).
As a result of the new rule, manufacturers of electric cars (EVs) from outside of North America, including Hyundai Motor Co (005380.KS) and its affiliate Kia Corp, will no longer be eligible for federal tax credits.
Yoon discussed the issues with Biden in London, where the two men attended the funeral of Queen Elizabeth II of the United Kingdom, and once more on Wednesday in New York, during the U.N. General Assembly, according to his office.
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