US to review 'all possible ways' to address Korea's concerns on IRA hurting EV makers
Washington said it is reviewing "all possible measures" to address Seoul's concerns regarding the US' Inflation Reduction Act hurting Korean electric vehicle makers, and reaffirmed that it will maintain an open channel for communication, South Korea's Foreign Ministry said Wednesday.
On Tuesday (US time), South Korean Second Vice Foreign Minister Lee Do-hoon met with Jose Fernandez, the under secretary for Economic Growth, Energy, and the Environment at the US State Department to discuss on a series of pending issues, including the impacts of the IRA on Korean industries.
Lee is in New York on the occasion of the UN General Assembly, of which President Yoon Suk-yeol is also in attendance.
In the meeting, Lee proposed a number of options the US government can take to adjust the protectionist provisions of the IRA, such as providing tax credits to only the electric vehicles manufactured in North America. South Korean automakers, mainly Hyundai Motor and Kia, have lost the tax credits in the US, as they build their flagship EVs in Korea.
To the concerns raised by South Korea, Fernandez responded that the US is reviewing "all possible measures" and said the government will maintain an open channel of engagement with Korea to address the issue, according to the Korean Foreign Ministry.
In a press release, the US State Department also said the under secretary "reiterated the United State's commitment to maintaining open channels of engagement with the ROK on the US Inflation Reduction Act, as the United States works to implement the landmark legislation." ROK is the acronym of the official name of South Korea, Republic of Korea.
The two sides agreed to maintain close communication for strong cooperation in building resilient supply chain in industries including semi-conductor and strategic materials, and also on investment and bioeconomic initiatives.
According to the State Department, Fernandez also highlighted Korea's "significant" and "growing" investment in the US, which support their shared goals of economic prosperity, clean energy and supply chain resiliency.
They also discussed ways to work together to address other key challenges, including joint efforts on climate change, and opportunities to deepen cooperation in the Indo-Pacific.
They are to continue with their negotiations during the seventh US-ROK Senior Economic Dialogue when Fernandez visits Seoul, Seoul's Foreign Ministry said.
Lee also met with Daniel Kritenbrink, Assistant Secretary of State for East Asian and Pacific Affairs at the State Department on the same day to exchange opinions on a series of pending issues involving the UN General Assembly, multilateral cooperation, cooperation with Pacific islands, and the Ukraine crisis, among others.
The governor of Maryland Larry Hogan on Tuesday sent a letter to US President Joe Biden urging federal action to address provisions of the IRA that "hurt consumers and threaten access to electric vehicles."
He visited Seoul from Sept. 13 to Wednesday, during which he met with President Yoon, the foreign minister and other business figures.
While acknowledging the president’s efforts for the US’ manufacturing capability and supply chain stability, Hogan said, “I am troubled by your administration’s decision to double down on trade policies favored by former President Trump that threaten American jobs and ultimately raise prices for American consumers.”
“While onshoring is rightly our priority, friendshoring is an essential component of strengthening economic ties among the free world and combating dependence on Chinese goods.”
Explaining that 70 percent of the current EV and plug-in hybrids on the US market are no longer eligible for the tax credits given to their buyers, he said it not only impedes the widespread of adoption of EVs, but also hurts the development of renewable energy sources.
“I understand that the IRA was fast-tracked in an election year environment and there is unlikely to be any legislative changes with just seven weeks until the midterm election," he said.
"However, I am confident that there are actions the executive branch can and should take to address our allies’ concerns including delayed implementation, regulatory modification and development of waivers.”
Governor Hogan is married to Korean American Yumi Hogan. He donated $250,000 for the construction of the Wall of Remembrance in Washington which is dedicated to US soldiers and members of the Korean Augmentation of the US Army killed during the 1950-53 Korean War.
He was named the first veterans affairs minister in South Korea by the Korean Veterans Ministry on Sunday.
By Jo He-rim (herim@heraldcorp.com)
-
9 Planetariums to Get Lost in the Cosmos市食药监局督查基层 监管机构规范化建设什么才是“车厘子自由”?South Korea to double contributions to UN humanitarian air service: Foreign MinistryYoon, US Senate's armed service committee chief discuss alliance, N.K. threatsPenalty awards help Everton and United, Chelsea fight backDonald Trump’s transition team is stuck in transition.Someone already made a Wikipedia page for 'Trump orb'17 Spectacular Outdoor Staircases预见2024:谈谈农牧大佬的新年献词
- ·Prime exclusive deal: $50 off Govee floor lamp
- ·The president
- ·What you should know about Trump's CIA director pick, Mike Pompeo.
- ·Programmer finds keylogger on hundreds of HP computer models
- ·Which iPad Model Is Right for You?
- ·N. Korea apparently aims to use its animosity against S. Korea to boost military capability: Seoul
- ·广东化肥减量出真招见实效
- ·广州CBD里的“无穷”年味
- ·A Barbie flip phone is here from HMD
- ·[News Focus] Flat virus curve lifts Moon’s popularity
- ·4日晚起全市普降大雨
- ·搭建合作交流桥梁,香港从化联谊总会组团走进从化考察
- ·[Herald Review] Tori Kelly thrills fans, hints her love for Korean artists
- ·Mercedes knew Hamilton was in trouble before Russian GP start
- ·[News Focus] Flat virus curve lifts Moon’s popularity
- ·“微创钻孔软通道引流术” 老人转危为安创生命奇迹
- ·Wordle today: The answer and hints for August 29
- ·4日晚起全市普降大雨
- ·N. Korea, Russia discuss ways to bolster regional economic cooperation
- ·'Sesame Street' movie about getting lost in NYC to star Anne Hathaway
- ·N. Korea test
- ·离婚时要不要返还彩礼?最高法明确了
- ·N. Korea apparently aims to use its animosity against S. Korea to boost military capability: Seoul
- ·10 new virus cases confirmed, no new deaths again
- ·13 Places to Find Little Legends and Compact Cryptids
- ·[News Focus] Korea 33rd of 36 OECD members in foreigner portion at colleges
- ·Spate of defections show Kim Jong
- ·N. Korea apparently aims to use its animosity against S. Korea to boost military capability: Seoul
- ·广州CBD里的“无穷”年味
- ·Buckle up: Conservatives are revolting against Trump.
- ·Elon Musk's AI facility is reportedly operating gas turbines without a permit
- ·Google releases Android Oreo Go, Android 8.1 for developing countries
- ·Mick wants to reclaim Schumacher's record
- ·广州CBD里的“无穷”年味
- ·I used the Pixel 9 Pro XL in the shower — does the screen work when wet as claimed?
- ·离婚时要不要返还彩礼?最高法明确了