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South Korean battery makers agree $1.8bn settlement, aiding Biden's EV push

Biden says 'a win for American workers and the American auto industry'

U.S. President Joe Biden speaks about jobs and the economy at the White House in Washington,  Apr. 7.   © Reuters

WASHINGTON/SEOUL (Reuters) -- South Korean battery makers LG Energy Solution and SK Innovation Co agreed on Sunday to settle disputes over electric-vehicle (EV) battery technology, avoiding a potential setback for U.S. EV ambitions.

The settlement after marathon talks by affiliates of two of South Korea's biggest conglomerates was announced just hours before a Sunday night deadline for President Joe Biden's administration to decide whether to take the rare step of reversing a U.S. International Trade Commission decision (ITC).

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