President Yoon Suk Yeol has asked the United States to make sure that South Korean companies do not experience a backlash from the U.S. Inflation Reduction Act and the Chips and Science Act.

Presidential spokesperson Lee Do-woon said that President Yoon made the call on Thursday during a meeting with United States Trade Representative Katherine Tai at the top office.

According to Lee, Yoon positively assessed the recently announced guardrails of the Chips Act during the meeting, saying that they have significantly removed uncertainties for South Korean companies.

The president then asked the U.S. to make allowances so that South Korean companies operating in the U.S. do not experience difficulties, noting South Korean firms' concerns about providing an excessive level of information under the guardrails of the Chips Act. 

In response, Tai told Yoon that the U.S. government takes the concerns of the South Korean government and businesses seriously, and that Washington hopes to build a resilient supply chain with allies, including South Korea.

The meeting came amid local chipmakers' concerns about a guardrail provision that requires chipmakers seeking to receive tax incentives from the U.S. to submit sensitive data.