Yoon disputes U.S. Treasury secretary's comment on IRA

Politics 10:21 October 26, 2022

SEOUL, Oct. 26 (Yonhap) -- President Yoon Suk-yeol said Wednesday he believes U.S. Treasury Secretary Janet Yellen's recent suggestion that the Inflation Reduction Act (IRA) will be implemented without exception is "slightly different" from the general view of the U.S. government.

The IRA is a new piece of U.S. legislation that gives tax credits only to electric vehicles assembled in North America, raising concerns it will act as a significant trade barrier for Korean carmakers.

South Korea has been lobbying hard to win relief for its automakers, with Yoon asking for solutions during his separate meetings with U.S. President Joe Biden and Vice President Kamala Harris in recent weeks.

Yellen acknowledged the concerns on Monday, but added that "the legislation is what it is" and that "we have to implement the law that was written," according to Bloomberg.

Yoon was asked by a reporter as he arrived for work how his administration is handling that response.

"I think it's slightly different from the general view of the U.S. government," he answered. "Let's wait and see a little longer."