South Korean President Meets with Biden, Congress
This week South Korean President Yoon Suk Yeol was in Washington to meet with President Joe Biden and also addressed a joint meeting of the 118th Congress. In addition to security issues related to the Korean peninsula, issues around the Inflation Reduction Act and CHIPS and Science Act featured prominently in the two leaders’ discussion. The weeklong visit by President Yoon comes as as the two nations mark the 70th anniversary of their post-Korean War alliance.
In addition to trading partners like the European Union and Japan, South Korea has also been concerned with discriminatory provisions in the Inflation Reduction Act, particularly related to the Clean Vehicle Tax Credit. The U.S. recently reached an agreement with Japan on critical minerals that would afford Japan free trade agreement equivalent status on critical minerals and is currently negotiating a similar agreement with the EU. It’s unclear if South Korea is seeking to negotiate a similar deal, but other countries have expressed interest in doing so, including the Philippines and Indonesia.
Quote of the Week
“We have agreed to consult and coordinate closely so that the U.S. Inflation Reduction Act and the CHIPS and Science Act can further strengthen supply chain cooperations between the two countries in advanced technology."
-South Korean Presidetn Yoon Suk Yoel (Inside U.S. Trade)
ICYMI
In case you missed it, check out this week's AutoTalk webinar: Kerrigan Advisors Presents: the 2023 Buy/Sell Market Outlook
Friday Feel Good
Here is just one recent example of how dealers are doing good:
Last weekend Alexandria Toyota in Virginia sponsored a gala held by the Scholarship Fund of Alexandria, which works to ensure that all Alexandria students regardless of their socioeconomic background have the opportunity to attend college. Alexandria Toyota, just down the road from AIADA headquarters, donated a 2023 RAV4 LE– OR $25,000 – for the gala’s raffle. In 2023, the Scholarship Fund of Alexandria is awarding 209 students with scholarship funds.
We want to hear more about how you are supporting your local community – tweet us at @AIADA_News and use the hashtag #DealersDoGood.
