U.S. President Joe Biden has signed a massive 750 billion U.S. dollar spending bill aimed at combating climate change and lowering the cost of prescription drugs.
This is the so-called Inflation Reduction Act, which President Biden says is one of the most significant laws passed in American history.
Kim Hyo-sun has more.
President Joe Biden has signed into law the Inflation Reduction Act, an ambitious measure that aims to dampen inflation, combat climate change, and lower the price of prescription drugs.
Speaking during the bill signing ceremony at the White House on Tuesday, Biden praised the legislation as one of the most significant measures in America's history.
"With this law, the American people won, and the special interests lost."
Referring to the law, he explained that this is proof that the soul of America is vibrant, and the future of the country is bright.
Ahead of the signing, the White House emphasized the impact of the Inflation Reduction Act,saying between 5 and 7 million Americans could see their prescription drug costs drop.
It also explained the bill would contribute to reducing greenhouse gas emissions by a billion metric tons in 2030.
Moreover, local media outlets say that with the signing of the bill, electric vehicles that are assembled outside of North America will no longer qualify for the conventional EV tax credit.
This move would have an effect on South Korean car manufacturers like Hyundai and Kia, as vehicles assembled in South Korea will no longer qualify for the 75-hundred U.S. dollars-worth of tax credit for electric vehicles.
Kim Hyo-sun, Arirang News.