INTERNATIONAL
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
The lower tariffs on Japanese autos are set to take effect seven days after publication of the order.
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%.
Your gateway to global news, insights, and stories that matter.
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 lower tariffs on Japanese autos are set to take effect seven days after publication of the order.
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%.