Trump vows to end EV tax credits
Posted December. 10, 2024 07:53,
Updated December. 10, 2024 07:53
"We are going to be ending a lot of the environmental things that were ridiculous, that hurt our country very badly and didn’t do anything for the environment."
During an interview with NBC on Sunday, U.S. President-elect Trump reiterated his plan to abolish President Joe Biden’s electric vehicle (EV) tax credit program under the Inflation Reduction Act (IRA). Trump also vowed to use tariffs as a key weapon to advance his “America First” policy, recalling how his first administration imposed a 50% tariff on Korean and Chinese washing machines.
This move has raised alarms for international companies, including South Korean firms that invested heavily in the U.S. under Biden’s policies promoting “friend-shoring,” which encouraged allied nations to strengthen economic ties with America. With South Korea facing challenges caused by martial law and prolonged political instability, concerns are growing about its ability to counteract potential economic pressures under a second Trump administration.
During an interview with NBC on Sunday, Trump said he would end the electric car mandate on day one and many other ridiculous environmental policies.
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