Trade minister leaves for US for talks on Chips Act

• Published date: 08 March 2023
• Publication title: The Korea Times

Korea's trade chief left for the United States on Wednesday for talks amid growing concerns over the adverse impact of the U.S. Chips Act on Korean chipmakers.

During his three-day trip through Friday, Trade Minister Ahn Duk-geun plans to meet senior officials of the U.S. Commerce Department and the White House, as well as officials from major think tanks, to discuss the Chips and Science Act that calls for subsidies of $52.7 billion and tax incentives for foreign chipmakers to set up factories in the U.S.

The program came with a number of major strings attached, such as requiring companies receiving subsidies to share excess profits, submit data on their cash flows and profitability, and provide child care for workers.

"Korea will make points that the conditions would deepen business uncertainties, violate companies' own technology and management rights, and make the U.S. less attractive as an investment destination," the ministry said, stressing that Korean companies'...