{"id":2202763,"date":"2023-11-17T08:00:09","date_gmt":"2023-11-16T23:00:09","guid":{"rendered":"https:\/\/koreapro.org\/?p=2202763"},"modified":"2023-11-16T14:08:07","modified_gmt":"2023-11-16T05:08:07","slug":"us-rok-trade-talks-highlight-inflation-reduction-acts-impact-on-tech-sector","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/11\/us-rok-trade-talks-highlight-inflation-reduction-acts-impact-on-tech-sector\/","title":{"rendered":"US-ROK trade talks highlight Inflation Reduction Act\u2019s impact on tech sector"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korean trade minister Bang Moon-kyu met with U.S. Commerce Secretary Gina Raimondo to <\/span><a href=\"https:\/\/www.motie.go.kr\/motie\/ne\/presse\/press2\/bbs\/bbsView.do?bbs_seq_n=168145&amp;bbs_cd_n=81&amp;currentPage=1&amp;search_key_n=&amp;cate_n=1&amp;dept_v=&amp;search_val_v=\"><span style=\"font-weight: 400;\">discuss expanding bilateral cooperation<\/span><\/a><span style=\"font-weight: 400;\"> in advanced industries such as semiconductors during his visit to the U.S. for the <\/span><a href=\"https:\/\/www.apec2023sf.org\/\"><span style=\"font-weight: 400;\">Asia-Pacific Economic Cooperation<\/span><\/a><span style=\"font-weight: 400;\"> (APEC) summit. The meeting in San Francisco also addressed ongoing collaboration on major trade issues, highlighting the Ministry of Trade, Industry and Energy\u2019s (MOTIE) close relationship with the U.S. Department of Commerce in sectors including industrial policy and supply chain restructuring.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bang emphasized the importance of the <\/span><a href=\"https:\/\/koreapro.org\/2022\/08\/friends-without-benefits-how-a-new-us-law-penalizes-south-korean-carmakers\/\"><span style=\"font-weight: 400;\">Inflation Reduction Act<\/span><\/a><span style=\"font-weight: 400;\"> (IRA) and the upcoming <\/span><a href=\"https:\/\/koreapro.org\/2023\/09\/us-commerce-department-restricts-chips-fund-recipients-on-concerning-expansion\/\"><span style=\"font-weight: 400;\">Foreign Entity of Concern<\/span><\/a><span style=\"font-weight: 400;\"> (FEOC) guidelines, stressing that these should be \u201creasonably\u201d formulated with consideration for the global supply chain of batteries and key minerals. FEOC refers to entities identified under the IRA as potentially harmful or risky for U.S. national security or policy reasons.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The meeting between Bang Moon-kyu and Raimondo holds significant implications for implementing the IRA. U.S. Senator Joe Manchin\u2019s <\/span><a href=\"https:\/\/www.energy.senate.gov\/2023\/11\/manchin-calls-on-treasury-to-follow-the-law-and-protect-taxpayer-dollars-with-strict-foreign-entity-of-concern-standards\"><span style=\"font-weight: 400;\">advocacy for stringent standards<\/span><\/a><span style=\"font-weight: 400;\"> under the IRA\u2019s FEOC guidelines, particularly targeting Chinese battery firms, places South Korean ventures in a precarious position. Manchin\u2019s concerns about <\/span><a href=\"https:\/\/koreapro.org\/2023\/06\/posco-announces-joint-venture-with-chinese-company-cngr-for-battery-production\/\"><span style=\"font-weight: 400;\">ROK-China joint ventures<\/span><\/a><span style=\"font-weight: 400;\"> and the potential for what Manchin described as \u201cmineral laundering\u201d highlight geopolitical sensitivities and the need for South Korean policymakers and businesses to carefully navigate this evolving regulatory landscape.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">South Korea\u2019s request for \u201creasonable\u201d IRA battery guidelines is also partly due to American businesses growing partnership with Chinese firms. For instance, Ford Motor Company has a <\/span><a href=\"https:\/\/koreapro.org\/2023\/04\/how-yoon-biden-summit-masks-south-koreas-growing-concerns-over-us-intentions\/\"><span style=\"font-weight: 400;\">licensing agreement<\/span><\/a><span style=\"font-weight: 400;\"> with China\u2019s CATL to produce lithium iron phosphate batteries in Michigan, a move that qualifies for IRA tax breaks. This development, which capitalizes on a broader interpretation of the IRA\u2019s FEOC clause, underscores the necessity for clarity and equitable application of the act\u2019s provisions.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/technology-cyber\/\"><span class=\"tag\">Technology &amp; Cyber<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korean trade minister Bang Moon-kyu met with U.S. Commerce Secretary Gina Raimondo to discuss expanding bilateral cooperation in advanced industries such as semiconductors during his visit to the U.S. for the Asia-Pacific Economic Cooperation (APEC) summit. The meeting in San Francisco also addressed ongoing collaboration on major trade issues, highlighting the Ministry of Trade, [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2202764,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,28,29],"class_list":["post-2202763","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-inter-korean-foreign-relations","tag-technology-cyber"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US-ROK trade talks highlight Inflation Reduction Act\u2019s impact on tech sector - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/11\/us-rok-trade-talks-highlight-inflation-reduction-acts-impact-on-tech-sector\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US-ROK trade talks highlight Inflation Reduction Act\u2019s impact on tech sector - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korean trade minister Bang Moon-kyu met with U.S. Commerce Secretary Gina Raimondo to discuss expanding bilateral cooperation in advanced industries such as semiconductors during his visit to the U.S. for the Asia-Pacific Economic Cooperation (APEC) summit. 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