Industry chief to visit US for talks on EV tax breaks, chip bills and other news

Published by
Peter Kavinsky

South Korean Industry Minister Lee Chang Yang arrives at Incheon International Airport, west of Seoul, to travel to the United States on Tuesday to discuss the US Inflation Reduction Act and other pending bilateral issues with US officials. (Yonhap)

South Korean Industry Minister Lee Chang-yang left for Washington on Tuesday to talk with US officials about ways to minimize the impact on South Korea of ​​new US tax credit bills for electric vehicles and semiconductor investment, his office said in a statement.

The Inflation Reduction Act, signed into law by U.S. President Joe Biden in August, provides tax breaks of up to $7,500 to buyers of North American-only EVs, raising fears that South Korean automakers will lose ground in the U.S. market as they produce EVs at a low cost. . domestic plants for export to the USA

During a two-day visit Tuesday, Lee plans to meet with U.S. Commerce Secretary Gina Raimondo and other government and congressional officials to express South Korean government and industry concerns about discriminatory regulations and call for practical steps. at the Ministry of Commerce, Industry and Energy.

South Korea has made every effort to find measures to alleviate concerns. Commerce Secretary Ahn Duk Geun visited the US earlier this month for meetings with US Trade Representative Katherine Tai and other senior US officials following a South Korean government delegation to the US on the issue.

The two countries agreed to start high-level talks, and a directors-level meeting took place last week.

Seoul has attempted to add its requirement to the relevant guidelines as officials say it appears impossible to amend the law before the US midterm elections in November.

Lee will also consult on the potential impact of the Washington Chips and Science Act and Biden’s executive order to support the biosectors of South Korean companies.

The Chip Bill provides tax breaks for corporate investment in U.S. semiconductor manufacturing, but “limiters” in the legislation prevent recipients of tax breaks and other benefits from making new chip investments in China for 10 years.

Biden’s National Biotechnology and Biomanufacturing Initiative is designed to ensure that all biological products invented in the US are made at home to create jobs and strengthen supply chains.

“The minister will emphasize that closer consultations are needed between the two countries on such key industry issues to strengthen cooperation in supply chains, as well as to expand bilateral trade and investment,” the ministry said in a statement.

Li plans to visit New York and Canada after the two-day visit, the ministry said. (Yonhap)

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