Biden sends letter to Yin Xiyue explaining "Inflation Reduction Act"

　　[Global Times-Global Network Reporter Fu Honglie] According to Yonhap News Agency, a senior official of the South Korean presidential office said at a press conference on the 5th that South Korean President Yin Xiyue received a signed letter from U.S. President Biden on the 4th.

Biden said in the letter that he is very aware of Yin Xiyue's concerns about the U.S. "Inflation Reduction Act", and the U.S. side will maintain coordination and communication with the South Korean side with a frank and open attitude.

　　Previously, Yin Xiyue met with Biden three times in London and New York from September 19 to September 21, and expressed strong concerns that the US "Inflation Reduction Act" is not good for Korean companies.

　　The senior official said of the nature of Biden's signed letter, which was based on discussions between the two leaders on the Inflation Reduction Act last month in New York and London.

In view of Biden's letter reiterating that the U.S. understands South Korea's concerns and clearly mentioning the positive role of South Korean companies, the Presidential Office believes that Biden has shown to Yin Xiyue that he will take care of South Korean companies in the future.

The senior official also said that Biden’s letter may be intended to emphasize his willingness to cooperate with Yin Xiyue.

　　It is reported that in August this year, Biden signed the "Inflation Reduction Act", announcing a tax rebate of up to $7,500 per vehicle for electric vehicles "finally assembled in North America", which made foreign electric vehicles encounter huge trade barriers to enter the US market.

　　At present, the market share of South Korean electric vehicles in the United States is about 9%, ranking second only to Tesla. Therefore, the South Korean government and enterprises have reacted the most to Biden's signing of the bill.

South Korea's "Seoul Economy" once commented on this, saying that "the United States' discrimination against Korean-made cars has already been revealed."

The "Hankyoreh" said, "Abandoning the Chinese market to help the United States restructure its supply chain, the United States has inserted a knife in the back of South Korea." The "Inflation Reduction Act" formulated by the United States made South Korea feel betrayed.