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| ▲ Rep. Kim Tae-nyeon of the main opposition Democratic Party speaks at a press conference at the National Assembly on Jan. 5, 2023. (Yonhap) |
DP-Yoon aides
DP demands Yoon fire economic aides over U.S. inflation law, theme park default
SEOUL, Jan. 5 (Yonhap) -- The main opposition Democratic Party (DP) on Thursday demanded President Yoon Suk Yeol dismiss his economic aides over their response to the U.S. Inflation Reduction Act and a liquidity crunch linked to a Legoland theme park.
The IRA, signed into law by U.S. President Joe Biden last August, gives up to US$7,500 in tax credits to buyers of electric vehicles assembled only in North America, sparking concerns that Hyundai Motor and Kia Corp. could lose ground in the U.S. market. The two South Korean carmakers assemble their EVs at domestic plants for export to the U.S.
The Legoland crisis refers to a credit crunch sparked in the wake of an unexpected default on a municipal government-guaranteed debt raised for the construction of the Legoland theme park in the eastern province of Gangwon.
"Neglecting the passage of the IRA by the U.S. is alike to an economic diplomacy disaster. On top of that, the Legoland crisis stemming from Gangwon Gov. Kim Jin-tae erupted at a time when household debt has neared a threshold amid high interest rates," said Rep. Kim Tae-nyeon, chief of the DP's committee handling livelihood and economic affairs.
"The problem is that not a single person from the government nor the ruling party is monitoring these issues," Kim said, claiming a reshuffle of Yoon's economic policy lineup is necessary to "recover market trust."
The DP lawmaker said preparations are under way within the party to devise detailed measures to counter the IRA.
Kim's remarks came after Yoon ruled out the possibility of a Cabinet reshuffle earlier this week.
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