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South Korea says US pledged to review EV subsidies included in Inflation Reduction Act
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South Korea's national security adviser said on Thursday the United States has promised to review the impact of its new rules on subsidies for electric vehicles following concern they could hurt South Korean automakers, Yonhap news agency reported.
Kim Sung-han made the comment after meeting U.S. national security adviser Jake Sullivan in Hawaii, where they gathered for three-way talks with Japan chiefly to coordinate their Indo-Pacific policies in the light of tensions between China and Taiwan.
Concerns have mounted in South Korea over the Inflation Reduction Act (IRA), signed into law by U.S. President Joe Biden last month.
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Measures under the new law would include halting subsidies for EVs made outside North America, which could affect companies like Hyundai Motor Co and its affiliate Kia Corp.