On Monday’s broadcast of CNBC’s “Last Call,” Sen. Joe Manchin (D-WV) stated that the Biden administration had to loosen restrictions on eligibility for tax credits under the Inflation Reduction Act for electric vehicles containing components from China, Russia, North Korea, and Iran “because they know that we’re not getting the permits that we need to extract the minerals here in America or from our critical suppliers.”
Manchin began by praising boosted energy production under the bill, but stated, “Basically, they’re trying to accelerate what the administration wants to accelerate, more EV cars. The only reason we did any type of credits for EVs, Brian, was because we wanted that manufacturing base back. We didn’t want to be reliant on China, Russia, North Korea, or Iran. And China, over the years, has really captivated the markets. And they have most of the products it takes to build a battery. And I said fine, but I don’t think that, basically, when we invented and Henry Ford did the mass production of the car, I don’t remember the federal government sending checks to people, enticing people to buy.”
He added, “Anything coming from China or the foreign countries I mentioned, China, Russia, Iran, or North Korea, should absolutely be prohibited as of coming to 2025. This was the last time. And only 50% should be now. They’ve extended it for another two years and beyond, because they know that we’re not getting the permits that we need to extract the minerals here in America or from our critical suppliers.”
Follow Ian Hanchett on Twitter @IanHanchett
