The U.S. Inflation Reduction Act has had an impact on the auto industry, and South Korean President Yoon Seok-wook asked Biden to help resolve the predicament.

(European News Agency)

[Financial Channel/Comprehensive Report] South Korean President Yun Seok-yeol has asked U.S. President Joe Biden to help with new U.S. electric vehicle subsidies, hitting South Korean automakers.

The US Inflation Reduction Act eliminated the federal tax credit for electric vehicles (EVs) produced outside North America, meaning companies such as Hyundai Motor Co. would no longer be eligible.

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Yin Xiyue's office said that President Yin requested close cooperation with the United States so that the US government can address our concerns in the implementation of the Reducing Inflation Act.

Biden said he was very aware of South Korea's concerns and asked to continue discussions.

The two leaders discussed a wide range of issues, including supply chain resilience, economic and energy security and climate change, but did not mention credit lines for electric vehicles.

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