The Biden administration’s abrupt withdrawal of subsidies for South Korean electric vehicles is threatening to undermine trust in the US, Seoul’s trade minister has warned, as trade tensions grow between the allies.
Seoul is furious that EVs manufactured by Hyundai in South Korea will be excluded from generous consumer tax credits contained in the Inflation Reduction Act, a landmark US climate, tax and spending law.
The furore illustrates the impact on US allies of Washington’s efforts to boost domestic manufacturing in high-technology sectors including EVs and semiconductors as competition intensifies with China.
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