Yoon asks Biden to address South Korea’s concerns about Inflation Reduction Act – Yonhap According to Reuters

© Reuters. U.S. President Joe Biden arrives at Osan Air Force Base for a tour of 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 US counterpart Joe Biden to address Seoul’s concerns about the recently passed US Inflation Reduction Act, Yonhap news agency reported on Thursday. .

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

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