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Assembly speaker voices concerns over Inflation Reduction Act to U.S. reporters

16:35 September 20, 2022

SEOUL, Sept. 20 (Yonhap) -- National Assembly Speaker Kim Jin-pyo met with a group of reporters from the United States Tuesday and expressed concerns over the U.S. Inflation Reduction Act (IRA) that is feared to hurt South Korean automakers, according to Kim's office.

Kim said during the meeting that the IRA violates the "basic principles" of the World Trade Organization and the free trade agreement between South Korea and the U.S., calling it an "unreasonable" bill targeting November's midterm elections.

"It may help the American economy in the short term, but if South Korea and other nations are dealt a blow, it will worsen the global economy and in the end it won't be helpful to the U.S. economy either," Kim said.

Kim also noted South Korea's investment plan in the U.S. may be delayed if Korean carmakers, such as Hyundai Motor Co., suffer a steep fall in their stock prices due to the IRA.

The IRA, signed by U.S. President Joe Biden in August, gives tax credits to buyers of EVs assembled only in North America, sparking concerns that carmakers here, such as Hyundai Motor Co., will lose ground in the U.S. market as they make EVs at domestic plants for export.

South Korean National Assembly Speaker Kim Jin-pyo (C) poses for a photo with a group of visiting reporters from major U.S. news companies at the assembly in Seoul in this photo provided by his office on Sept. 20, 2022. (PHOTO NOT FOR SALE) (Yonhap)



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