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Korea Trade Minister Says Republican Win May Lower IRA Tax Boon
Electric vehicles on the production line at an assembly plant in Detroit, Michigan.
Photographer: Emily Elconin/BloombergThis article is for subscribers only.
South Korea believes the US may reduce the tax credits in President Joe Biden’s landmark clean energy law, which encourages automakers to manufacture electric cars in the US, should Republicans come to power.
“We don’t rule out the possibility that the US may slash the amount of tax credits and benefits in the Inflation Reduction Act if Republicans win the next presidential election,” Korea’s trade minister Dukgeun Ahn said in Seoul on Thursday during a briefing with reporters. “Republicans opposed the IRA before the law was enacted so if they can’t abolish it, they may put some restrictions on its execution.”