Korean companies fear Trump's impact on clean energy investments

Manufacturers poured tens of billions into the U.S. to benefit from Biden incentives

20241022 N SK LG

LG Energy Solution, Hyundai Motor and SK On are among the many Korean firms that have invested in the U.S. since the IRA was signed into law in 2022.  © Reuters

KIM JAEWON and PAK YIU, Nikkei staff writers

SEOUL/NEW YORK -- The prospect of a second U.S. presidential term for Donald Trump is sowing concern among leading South Korean executives who fear that his election could threaten investments in the U.S. spurred by clean-energy incentives offered during Joe Biden's administration.

The concerns prompted South Korea's Ministry of Trade, Industry and Energy to host an internal meeting last Thursday to discuss issues arising from the upcoming U.S. election after communicating with companies, industry bodies and research institutes.

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