[경제]Has Biden’s “you should not disappoint” hit him in the head? … The federal government responds immediately

[앵커]

In accordance to the US “Inflation Reduction Act”, Korean electrical autos are not suitable for subsidies.

This is a unique plan from President Biden’s guarantee not to disappoint Hyundai Motor Corporation through his check out to Korea.

Correspondent Kwon Nam-gi.

[기자]

[조 바이든 / 미국 대통령 (지난 5월 한미 정상회담) : (현대차그룹이) 100억 달러(13조 원) 이상을 미국 제조업에 투자한다는 사실을 발표할 수 있어 기쁩니다. 다시 한 번 미국을 선택해주신 정의선 회장에게 감사의 뜻을 전합니다. 미국은 현대차를 실망시키지 않을 것입니다.]

This guarantee was overturned in just three months.

President Biden signed the “Inflation Reduction Act,” which would only subsidize electric motor vehicles created in the United States.

As a outcome, Hyundai Ioniq 5 and Kia EV6, all made in Korea and exported to the United States, will no longer obtain subsidies in the amount of money of 10 million gained per device.

A sharp decrease in product sales is inevitable as US-created electrical motor vehicles like Tesla and Ford have shed their price tag competitiveness.

Hyundai-Kia Motors does not have an electric powered car manufacturing facility in the United States, so it truly is not simple to locate a resolution correct absent.

President Chung Eui-sunshine, who experienced traveled rapidly to the United States, determined to stay until following 7 days to encourage and also to anticipate the completion of the very first electric powered automobile-only plant to be created in Georgia in just six months of 2025.

However, there are quite a few hurdles to get over simply because even even though the electric powered automobiles are produced in the United States, it is not achievable to use simple Chinese or mineral batteries.

[이항구 / 한국자동차연구원 연구위원 : 내년에 일단은 전기차는 거의 못 파는 거죠. 현대차에서 (현지 공장 가동을) 2024년으로 당기더라도 배터리 쪽이 안 되면 세액공제(보조금)를 다 못 받을 수 있어요.]

The authorities determined to go after a joint reaction strategy with Germany and other nations around the world whilst shifting as much as attainable with the Korea-US negotiations, these kinds of as pushing for a go to by the Minister of Commerce, Marketplace and Strength to the United States.

The United States will insert Korea’s needs into the Inflation Reduction Act sub-restrictions which will be introduced as much as possible later on this 12 months.

As a remaining card, we have determined to look at submitting a grievance with the Earth Trade Organization and the WTO.

[이창양 / 산업통상자원부 장관 : WTO 규정 위반, 그다음에 한미 FTA 규정 위반 가능성에 대해서 우려를 전달했고요. WTO 제소 여부도 저희가 아주 적극적으로 검토해볼 생각입니다.]

On the other hand, offered the domestic political condition in the US forward of the November mid-time period elections, significant adjustments are difficult to be expecting and injury to Korean businesses is envisioned to be inescapable as it will consider at minimum a number of years to solve disputes.

I am YTN Namgi Kwon.

YTN Namgi Kwon ([email protected])

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