South Korea assessing impact on autos of Japan trade order signed by Trump, official says
A car carrier transporting Tesla vehicles travels past KIA Motors' vehicles parked at a port in Pyeongtaek, South Korea. - REUTERS
SEOUL: South Korea is assessing the potential impact of U.S. President Donald Trump on Thursday signing an order to implement Japan's trade deal that includes a lower 15% tariff on autos imported into the U.S., a Seoul trade official said on Friday.
AI Brief
- US will reduce tariffs on Japanese auto imports starting seven days after the order is published.
- South Korean automakers face a disadvantage as their US import tariffs stay at 25%.
- Hyundai and Kia shares dropped slightly following the news.
The move would put South Korean automakers at a competitive disadvantage to Japanese rivals, as U.S. tariffs on South Korean auto imports remain at 25%.
Hyundai Motor 005380.KS shares were down 0.2%, while Kia Corp fell 0.7%.
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