South Korea Complains About EV Tax Credit Restrictions
Deputy U.S. Trade Representative Sarah Bianchi said she and South Korea's deputy trade minister discussed South Korea's concerns about the restrictions on tax credits for electric vehicles that are in the Inflation Reduction Act, "and agreed the two sides would…
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keep in close contact on this issue over the coming weeks." The meeting was Aug. 30. The EU also has complained that only cars assembled in the U.S. will qualify, and has threatened to bring a case at the World Trade Organization (see 2208110052). As a country with a free-trade agreement with the U.S., South Korea could benefit from the conditions around critical minerals (see 2208040045), but South Korean firms, like all advanced battery manufacturers, are heavily reliant on Chinese inputs.