On the 30th, Meeting with Trade Representative at Yongsan Presidential Office, Request for 'Friendly Consideration'
President Yoon Suk-yeol met with Katherine Tai, the United States Trade Representative (USTR), on the 30th and requested that consideration be given in a friendly direction toward Korean companies regarding the U.S. Inflation Reduction Act (IRA) and the CHIPS and Science Act (CSA).
President Yoon conveyed these concerns during his meeting with Representative Tai at the Yongsan Presidential Office, according to a briefing by spokesperson Lee Do-woon.
In particular, President Yoon stated, "I positively evaluate the fact that during the recent announcement process of the guardrail provisions of the CHIPS and Science Act, both countries closely consulted, which greatly alleviated uncertainties for Korean companies," and added, "Regarding the Inflation Reduction Act and the CHIPS and Science Act, please consider a friendly approach so that Korean companies operating in the U.S. do not face difficulties."
He also mentioned, "There are concerns among Korean companies about the excessive level of information disclosure required in the detailed guidelines for subsidy applications under the recently announced CHIPS and Science Act," and requested friendly consideration from the U.S. government on this matter.
In response, Representative Tai reportedly said, "We take the concerns of Korean companies regarding the CHIPS and Science Act and the IRA seriously, and we will work to establish a resilient supply chain between Korea and the U.S."
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