China and European Union are against Washington's new position on electric cars
Last week saw a hotline with South Korean President Yoon Suk-yeol and US President Joe Biden, tasked with overturning the contested Inflation Reduction Act (IRA), a new US law that overhauls incentives for eletric cars, making them a “Made in USA” model.
The meeting between the two leaders took place in London during the late Queen Elizabeth II. Afterwards, they left for New York, for a UN General Assembly. In this sense, the two occasions came for Yoon Suk-yeol to snatch Biden on the promise to continue the dialogues, to place Kia and Hyundai, without factories in America until 2025, to be protected from the latest rules.
The news was revealed by Reuters, through an official statement released by Seoul. In a statement, the president called for close cooperation for the US government to address South Korean concerns about the process of implementing the Inflation Reduction Act. In this sense, the mission of dialogue is to preserve the interests of both sides. On the other hand, Biden stated that he is faced with the fears of several international partners. At the meeting, topics such as the resilience of supply chains, the climate crisis and economic and energy security were discussed.
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Chiva approves new rule on electric cars
Hours after the situation occurred, South Korea realized that it is not alone. That's because China has joined the movement against Washington. And it didn't stop there: In addition to Seoul, Beijing and the European Union are also denouncing a suspected violation of the World Trade Organization (WTO). On the other hand, Chinese Ministry of Commerce spokesman Shu Meeting threatened the US and pointed out alleged measures to safeguard China's legitimate rights, if necessary. In this regard, the US is expected to assess the situation, in the same way as Japan and the European Union. The information was released on Reuters.
In this way, the Vice-President of the EU Commission and Commissioner of Trade, stated that Brussels is already included in the complaints against the new rules. He reported a meeting with the American correspondent, Katherine Tai, in an attempt to find a middle ground in the situation. A next meeting is scheduled for the end of the month in Indonesia, where various preparatory work for the G20 will be carried out. Therefore, the discussion may become more heated; however, there is the possibility of consensus among governments on the new rules on eletric cars.
At the same time, the alarm was raised by ACEA, an association that brings together European car manufacturers; this is because the conditions required by the new rule risk limiting the adoption of electric cars. In this way, the change can compromise the conversion to green technologies, in addition to delaying the fight over climate changes. Thus, it is possible that the new rule still suffers reprisals from the international community. However, only the unfolding of the novelty will be able to say which measures will be taken.