US EditionSouth Korea reassures on US investment pledge after Trump threatens to hike tariffs
South Korea pledges to pass key investment bills soon after U.S. tariff increase from 15% to 25%, affecting auto exports which account for 25% of shipments, officials said.
- On Tuesday, South Korea scrambled to reassure Washington after Trump said he was raising tariffs from 15% to 25%, while Seoul said it had not received official U.S. notice.
- The dispute stems from a $350 billion investment pledge and implementing legislation, with five bills in the National Assembly pending review to enact a Special Act managing the pledge.
- Market moves reflected the tariff threat, with automakers tumbling early as Hyundai Motor fell 0.10% and Kia dropped 1.16%, while KOSPI fell 1.19% before closing up 2.73% and the won weakened 0.50%.
- Ministers and envoys will travel to Washington to hold talks on the pact, with Industry Minister Kim Jung-kwan meeting Commerce Secretary Howard Lutnick and a top envoy meeting U.S. Trade Representative Jamieson Greer soon.
- Earlier this month, South Korea's Finance Minister Koo Yun-cheol said won weakness and potential currency outflows complicate the $350 billion pledge, while a Supreme Court ruling could delay timing.
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5 Articles
South Korea reassures on US investment pledge after Trump threatens to hike tariffs
South Korea scrambled on Tuesday to assure the U.S. it remained committed to implementing a trade deal after U.S. President Donald Trump said he would hike tariffs on autos and other imports from its ally, blaming a delay in enacting the pact agreed last year.
South Korea reassures US on investment pledge after Trump threatens tariffs hike
South Korea on Tuesday assured the US it remained committed to implementing a trade deal after President Donald Trump said he would hike tariffs on autos and other imports from its ally, blaming a delay in enacting the pact agreed last year.
The United States will increase import tariffs on selected products from South Korea from 15 to 25 percent
Korean automakers brace for impact after Trump tariff threat, but longterm consequences unclear
A threat by U.S. President Donald Trump toreimpose 25 percent tariffson Korean goods sent ripples through Korea’s auto industry on Tuesday, weighing on shares of major carmakers and raising concerns about future earnings.
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