New G20 irritant for Biden: Restrictive U.S. electric vehicle tax subsidies
French Finance Minister Bruno Le Maire has said the revamped tax credits in the IRA are a"major shock" to the European industry and brought the issue up at a meeting with Yellen on the G20 summit sidelines.
Yoon asked Biden to prevent discriminatory measures against South Korean companies, his office said, adding that Biden had said the implementation of the law should account for the contribution of South Korean investment in the U.S. economy. The Treasury is working to define the rules for some $278 billion worth of tax credits on EVs, solar and wind power investments and a range of other technologies.
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