US President Joe Biden rated the agreement on battery dispute between LG Energy Solutions and SK Innovation as "a victory for US workers and the automobile industry."
President Biden said in a statement today (11th) local time that the core of his pledge of'better reconstruction' plan is "to make future electric cars and batteries across the country, by American workers."
"We need a strong, diversified and resilient US-based electric vehicle battery supply chain," said President Biden. "Today's agreement is a positive step in that direction."
President Biden gave special appreciation to Catherine Thai Trade Representative, saying, "Thank you for your tireless work in resolving disputes and promoting positive consensus on job creation with the US electric vehicle industry."
"Based on this driving force, my'American Job Plan' will create millions of new jobs, help the American auto industry grow stronger, and win the electric vehicle market of the future."
Earlier, LG Energy Solutions and SK Innovation announced that today they have decided to end the battery dispute that has continued since April 2019 by paying 2 trillion in compensation to LG.
President Biden's decision to veto the International Trade Commission's decision to ban some of SK's lithium-ion batteries from the US for 10 years, claiming that SK Innovation violated LG Energy Solutions' battery trade secrets It was an agreement.
There has been no case of the President overturning the decision of the International Trade Commission related to the infringement of trade secrets, and it has been evaluated that it is unlikely that President Biden, who has strongly criticized the infringement of intellectual property rights, will veto this time.
However, it has been cited as a variable that if SK Innovation withdraws from the United States due to not exercising its veto power, 2,600 jobs will disappear in Georgia, where President Biden won the Democratic Party candidate in 28 years in the last presidential election.
President Biden's efforts to expand electric vehicles and related infrastructure to cope with climate change and that he has ordered a review of the supply chain to reduce dependence on China in batteries, etc., seem to have been a burden when he accepted the decision of the International Trade Commission as it was.
Accordingly, in the US media, the agreement between LG Energy Solution and SK Innovation was evaluated as'Biden's victory.'