1 Year of US IRA... White House Praises "Invest in America" as Core

The Joe Biden administration has launched a major campaign to promote the legislative achievements of the Inflation Reduction Act (IRA), which includes subsidies for North American-made electric vehicles.

[Image source=Yonhap News]

On the 16th (local time), marking the first anniversary of the IRA's enactment, the White House praised it as "the most comprehensive investment in addressing climate change in history," adding, "This innovative law is lowering energy and healthcare costs while sparking a manufacturing and clean energy boom."

President Biden is emphasizing the IRA, along with the CHIPS and Science Act (CSA), as key achievements of 'Bidenomics' aimed at rebuilding American manufacturing ahead of next year's presidential election. Both laws embody the core of the administration's 'Invest in America' agenda. In fact, since the implementation of these two laws, which focus on providing subsidies for American-made products, foreign investment in the U.S. has significantly increased.

The New York Times (NYT) reported, "This law has created many incentives to invest in the U.S.," noting that "IRA and the CHIPS Act have generated $230 billion in investments in the American manufacturing sector."

However, the IRA has drawn criticism from allied countries for providing benefits only to North American-made electric vehicles. The CSA has also been criticized for excessively infringing on corporate trade secrets and triggering a global subsidy war.

Meanwhile, President Biden visited Milwaukee, Wisconsin, on the same day to highlight his economic achievements. During the event, he mentioned a conversation with SK Chairman Chey Tae-won, stating, "When asked why they invest in the U.S., they replied that it has the world's best workforce and is the safest place to invest."

This content was produced with the assistance of AI translation services.