'US Inflation Reduction Act goes against international trade norms'
來源：開云體育app官方網站發布日期：2023-01-26 14:31:12 瀏覽：28
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| Deputy Trade Minister Jeong Dae-jin |
The much-contested U.S. Inflation Reduction Act, under which Korean manufacturers of electric vehicles (EVs) and EV batteries will be put at a significant cost disadvantage in the world's largest economy, goes against international trade norms, the trade ministry said Wednesday.
The Biden administration began denying tax credits of up to $7,500 (10 million won) last week to buyers of EVs manufactured outside the country, as stipulated under the act. Laws specific to EV battery manufacturers will take effect in stages over the next few years.
Advancing the stimulus package at the expense of Korea's key manufacturers are the falling approval rating of the U.S. president. He is seeking a dramatic upswing to his dismal polling numbers ahead of the November mid-term elections, mostly through protectionist policies to revitalize the U.S. economy scarred from the years of the COVID-19 pandemic.
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