Friends without benefits: How a new US law penalizes South Korean carmakers



Analysis Friends without benefits: How a new US law penalizes South Korean carmakers Inflation Reduction Act casts doubt over Washington’s commitment to multilateralism and economic security of its allies Sooyoung OhAugust 30, 2022 SHARE COPY LINK FACEBOOK X LINKEDIN MASTODON South Korean President Yoon Suk-yeol (left) and U.S. President Joe Biden walk to an official dinner, May 2022 \| Image: Jeon Han via Republic of Korea Flickr During his first visit to South Korea as U.S. president, Joe Biden met with Hyundai Motor Group Chairman Chung Eui-sun, praising the auto giant for its plans to invest billions in the U.S. Chung had announced that Hyundai would spend some $10.5 billion to build an electric vehicle (EV) and battery plant in Georgia, an investment projected to create over 8,000 American jobs. During his first visit to South Korea as U.S. president, Joe Biden met with Hyundai Motor Group Chairman Chung Eui-sun, praising the auto giant for its plans to invest billions in the U.S. Chung had announced that Hyundai would spend some $10.5 billion to build an electric vehicle (EV) and battery plant in Georgia, an investment projected to create over 8,000 American jobs. Get 30 days of free access to KoreaPro Full access to all analysis The KOREA PRO newsletter, every business day Daily analysis on the top story of the day The ability to suggest topics for coverage by our specialist team Be smart about South Korea Get full access to expert analysis and opinion. Start now No charges during your trial. Cancel anytime. A paid subscription will start after 30 days. © Korea Risk Group. All rights reserved. No part of this content may be reproduced, distributed, or used for commercial purposes without prior written permission from Korea Risk Group. Get the Daily Briefing Start your day with the South Korea stories that matter most – as selected by And how should we address you in correspondence? One more step! Please check your inbox, for an email we just sent you, and click on the confirmation message in it to get subscribed to our Daily Briefing. LATEST ANALYSIS 01South Korea boosts drone arsenal with combat-proven Warmate UAVs from Poland 02South Korea confronts ethical risks of interrogating North Koreans in Ukraine 03How South Korean investors can Trump-proof their portfolios this election 04South Korea poised to expand ties with NATO as alliance turns to Indo-Pacific 05How South Korea’s Vietnam playbook provides template for DPRK troops in Russia 06Rising loan delinquency increases financial uncertainty for South Korean banks 07Why the results of South Korea’s by-elections mask growing political fissures 08North Korean troops in Russia bring new economic risks for South Korea

Analysis

Friends without benefits: How a new US law penalizes South Korean carmakers

Inflation Reduction Act casts doubt over Washington’s commitment to multilateralism and economic security of its allies

Sooyoung OhAugust 30, 2022

Friends without benefits: How a new US law penalizes South Korean carmakers

South Korean President Yoon Suk-yeol (left) and U.S. President Joe Biden walk to an official dinner, May 2022 | Image: Jeon Han via Republic of Korea Flickr

During his first visit to South Korea as U.S. president, Joe Biden met with Hyundai Motor Group Chairman Chung Eui-sun, praising the auto giant for its plans to invest billions in the U.S.

Chung had announced that Hyundai would spend some $10.5 billion to build an electric vehicle (EV) and battery plant in Georgia, an investment projected to create over 8,000 American jobs.

Get 30 days
of free access to
KoreaPro

Full access to all analysis
The KOREA PRO newsletter, every business day
Daily analysis on the top story of the day
The ability to suggest topics for coverage by our specialist team

Be smart about South Korea

Get full access to expert analysis and opinion.

Start now

No charges during your trial. Cancel anytime. A paid subscription will start after 30 days.

Friends without benefits: How a new US law penalizes South Korean carmakers

Get 30 days
of free access to
KoreaPro

Be smart about South Korea

Get full access to expert analysis and opinion.

LATEST ANALYSIS

Similar Articles

About the Author

Sooyoung Oh

Friends without benefits: How a new US law penalizes South Korean carmakers

Get 30 days of free access to KoreaPro

Be smart about South Korea

Get full access to expert analysis and opinion.

Start your day with the South Korea stories that matter most –

as selected by <img class="logo" src="https://koreapro.org/wp-content/themes/koreapro/images/logo.png" alt="NK News Logo">

One more step!

LATEST ANALYSIS

Similar Articles

About the Author

Sooyoung Oh

Get 30 days
of free access to
KoreaPro

Start your day with
the South Korea stories that matter most –

as selected by