Japan’s government warned on Saturday that new electric vehicle tax credits in the United States could ultimately deter further investment by the Japanese there and hit employment in the world’s biggest economy.
In a comment submitted to the US treasury department, the government raised a number of concerns about the tax credits in the Inflation Reduction Act (IRA), which is designed to build more resilient supply chains as the US aims to reduce exposure to China.
The statement is a culmination of months-long concerns shared by the Japanese government and the country’s auto lobbying group that the IRA puts Japanese carmakers at a disadvantage in their crucial North American market.
The requirements to be eligible for the tax credit are “not consistent” with the shared policy between the Japanese and the US governments to build resilient supply chains by working with allies and partners, the government said.
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