4/1, 7:11 AM (Source: TeleTrader)
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Seoul responds positively to US EV policy change

United States Treasury Department's new guidance on electric vehicle tax subsidies under the Inflation Reduction Act (IRA) "substantially relieves the uncertainty" of the South Korean battery and material industries, the Asian country's Trade, Industry and Energy Minister Lee Chang-yang said on Saturday.

The Seoul-Washington battery supply chain partnership will strengthen as a consequence of the latest actions by the US government, the minister said in a statement, according to Yonhap.

However, US Senator Joe Manchin is threatening to sue the Biden administration over differences of opinion on how the law should be applied.

Baha Breaking News (BBN) / MS