South Korea said on Aug. 30 that it will pursue “international cooperation efforts” while seeking strategic negotiations with the United States over the recently enacted Inflation Reduction Act (IRA).
President Joe Biden signed the IRA into law on Aug. 16, which requires electric vehicles (EVs) to be assembled in North America to qualify for tax credits, afflicting foreign automakers that manufacture EVs in their home countries.
South Korea’s trade ministry said that it had been actively communicating with the United States over the IRA’s adverse impact and convened an emergency trade committee meeting on measures to address the issue.
Trade Minister Ahn Duk-geun said South Korea will seek “multilateral collaboration with countries in similar positions” about the IRA if necessary….