Shulou(Shulou.com)11/24 Report--

August 25 news, according to foreign media reports, the South Korean Ministry of Industry issued a statement on Thursday that it will seek a joint response with the European Union on the US inflation reduction Act.

President Joe Biden signed the bill last week to expand tax subsidies for electric car purchases, but only for electric vehicles assembled in North America, and only for US-made batteries and battery materials for electric vehicles.

After the implementation of the bill, South Korean carmakers such as Hyundai and Kia worry that they will lose market share in the world's most important car market because their flagship models are made in domestic factories and then shipped overseas. Chinese battery makers also rely heavily on key raw materials supplied at home, as do some European exporters, including Germany and Sweden.

South Korea's Ministry of Industry said in a statement on Thursday that it would hold active consultations with the European Union and other countries in the same position in the near future to explore common response measures. According to industry sources, the Korean Automobile Manufacturers Association (KAMA) is also promoting cooperation with the European Automobile Manufacturers Association (ACEA), and the two sides will issue a joint statement in September.

At a parliamentary meeting on Tuesday, South Korean Minister of Industry, Trade and Resources Lee Changyang said the government will consider whether to sue the World Trade Organization (WTO), which is suspected of violating WTO rules and the bilateral free trade agreement between South Korea and the United States. However, he also made it clear that the complaint would be a "last resort", starting with face-to-face negotiations with Washington. It is reported that senior officials in Seoul will fly to the United States next week for talks with US officials.

In addition, the Seoul government has been actively discussing its new chip bill with Washington.

Welcome to subscribe "Shulou Technology Information " to get latest news, interesting things and hot topics in the IT industry, and controls the hottest and latest Internet news, technology news and IT industry trends.