US, South Korea exchange ‘frank views’ amid EV subsidies dispute | Business and Economy

Tensions over economic issues occurred when South Korean President Yoon Suk-yeol made his first visit to the United States.

The United States on Wednesday said its commerce minister and South Korea’s commerce minister exchanged “frank views” on Seoul’s pending law on network usage fees for content providers. Washington’s foreign and electric vehicle credit in a meeting.

The Inflation Reduction Act, signed by President Joe Biden last month, eliminates federal tax credits for electric vehicles made outside of North America, meaning companies, including Hyundai and branch of Kia Corp., will no longer be eligible for such subsidies.

South Korean President Yoon Suk-yeol arrived in the US for his first official visit this week but tensions threaten interrupting the recent show of alliance strength with Washington.

In South Korea, there is a legislative attempt to make companies like Netflix and Google’s Alphabet pay local network fees.

While the information from the US Commerce Department said Gina Raimondo and South Korean Ministers Lee Chang-yang reaffirmed the importance of the bilateral economic relationship, it also hinted at tensions.

The couple “exchanged candidly about US concerns about South Korea’s pending law imposing network usage fees on foreign content providers and South Korea’s concerns regarding regarding electric vehicle tax credits,” it said.

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