Amid reports that U.S. President-elect Donald Trump’s transition team is planning to scrap the electrical vehicle(EV) subsidies introduced under incumbent President Joe Biden, Seoul says nothing is final yet.

In a statement released Friday, the Ministry of Trade, Industry and Energy says it is closely monitoring policy trends for the upcoming U.S. administration, stressing that decisions about the Inflation Reduction Act(IRA) have yet to be made.

Reuters earlier reported that Trump’s transition team plans to eliminate EV subsidies under the IRA, which provides a tax credit of up to seven-thousand-500 U.S. dollars per vehicle.

The ministry said the legislation specifies an investment tax credit and a production tax credit in addition to the EV tax credit, and noted that the Reuters report did not mention the first two.

The trade ministry added that the government has been reviewing various scenarios to prepare for uncertainties, maintaining close communication with the industry through meetings with various sectors while planning to engage in discussions with Washington.