South Korean President Yoon Suk-yeol has asked his U.S. counterpart Joe Biden to resolve Seoul's concerns over the recently passed Inflation Reduction Act of 2022, Yonhap News Agency reported on Thursday.

The law eliminates federal tax credits for electric vehicles made outside North America, meaning that South Korean car manufacturers such as Hyundai and its affiliate Kia Corp. will no longer be eligible for such subsidies.