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A person walks past the SK Innovation Co. logo in Daegu, South Korea. Photo: SeongJoon Cho/Bloomberg via Getty Images

Two Korean electric vehicle battery makers have reached a last-minute settlement, saving President Biden from a Sunday deadline to decide whether to intervene in the global trade secret dispute.

Why it matters: The deal between SK Innovation and its rival, LG Chem, "averts a 10-year import ban on SK Innovation Co.'s products and protects thousands of jobs in the politically important state of Georgia," according to Bloomberg, which first reported the news.

  • SK Innovation is the battery supplier for certain Ford and Volkswagen U.S.-built EVs.

Catch up fast: LG Chem had accused SK Innovation of stealing its EV battery technology and hiding the evidence, per Axios' Joann Muller.

  • The U.S. International Trade Commission in February sided with LG Chem, restricting SK from importing critical components for lithium-ion batteries for 10 years (with some temporary exceptions).
  • Prior to the deal, SK said it may have to stop construction of a $2.6 billion battery plant in Georgia, putting at risk the 2,600 clean energy jobs that came with it.
  • The import ban was set to take effect Sunday, unless President Biden intervened and overturned the ITC decision.
  • South Korean officials and the Biden administration urged the companies to come to an agreement instead, according to Bloomberg.

Of note: "The settlement will cover not only a ruling by the U.S. International Trade Commission but also litigation in federal court," the Washington Post reported.

The big picture: Speeding up domestic EV and and supply chain manufacturing is part of Biden's climate and jobs push, and the trade dispute threatened to create new headwinds.

What he's saying: Biden in a statement Sunday called the settlement "a win for American workers and the American auto industry."

  • "We need a strong, diversified and resilient U.S.-based electric vehicle battery supply chain, so we can supply the growing global demand for these vehicles and components - creating good-paying jobs here at home, and laying the groundwork for the jobs of tomorrow."

Go deeper: Biden calls for massive climate and transit package

Go deeper

Updated 6 hours ago - World

Death toll mounts as fighting between Israel and Hamas intensifies

Palestinian Muslims exchange wishes for Eid al-Fitr, marking the end of the holy month of Ramadan, near a razed building in the northern Gaza Strip town of Beit Lahia, on May 13. Photo: Majdi Fathi/NurPhoto via Getty Images

At least 109 Palestinians and seven people in Israel have been killed since recent fighting between Israel's military and Hamas began Monday.

The big picture: Israel began massing troops on its border with Gaza on Thursday, launching attacks from the air and ground as Hamas continued to fire rockets into Israel.

By the numbers: Where the earmarks are wanted

Expand chart
Data: House Committee on Appropriations; Chart: Danielle Alberti/Axios

The Dallas-Fort Worth area is being targeted for the largest collective earmark request in the country, according to a detailed breakdown of overall requests released by the House Appropriations Committee.

Why it matters: House appropriators are trying to balance bipartisan momentum for infrastructure investment with "pork-barrel" spending's checkered political history. The data dump is an effort to provide transparency for what are now termed "community project funding" requests.

Democrats open to user fees for infrastructure deal

President Biden sits Thursday with Sen. Shelley Moore Capito (R-W.Va.) as they discuss his $2.3 trillion infrastructure proposal. Photo: T.J. Kirkpatrick/The New York Times/Bloomberg via Getty Images

Some Senate Democrats are open to paying for a compromise infrastructure package by imposing user fees, including increasing the gas tax and raising money from electric car drivers through a vehicle-miles-traveled charge.

Why it matters: By inching toward the Republican position on pay-fors, some Democrats are bucking President Biden's push to offset his proposed $2.3 trillion plan by focusing only on raising taxes on corporations and the wealthy.