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S.Korea says U.S. pledged to review impact of EV subsidy changes

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S.Korea might raise concerns over U.S. EV subsidy changes this week By Reuters

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Economy 8 minutes ago (Sep 01, 2022 06:58)

© Reuters. FILE PHOTO: The South Korean and American flags fly next to each other at Yongin, South Korea, August 23, 2016. Courtesy Ken Scar/U.S. Army/Handout via REUTERS

SEOUL (Reuters) – South Korea might raise concerns over the U.S. Inflation Reduction Act’s potential impact on its automakers at a meeting between the countries’ top security advisers this week, Seoul’s presidential office said on Thursday.

South Korea’s national security adviser Kim Sung-han is slated for meetings in Hawaii with his U.S. and Japanese counterparts chiefly to coordinate their Indo Pacific policies amid flaring tensions between China and Taiwan.

The meeting comes amid growing concerns in South Korea overt the Inflation Reduction Act, signed into law by U.S. President Joe Biden last month. Among other measures, the new law would halt subsidies for EVs made outside North America, which could hurt companies like Hyundai Motor Co and its affiliate Kia Corp.

A presidential official said the issue could be raised when Kim separately met U.S. national security adviser Jake Sullivan.

“I think it could be set as an item for bilateral talks to promote our national interests,” the official told reporters.

Lee Do-hoon, a South Korean vice foreign minister, said on Tuesday that Seoul has asked Washington to postpone the new rules until Hyundai completes building its Georgia factory in 2025. Seoul officials have also said the law may violate a bilateral free trade agreement.

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