South Korea will also actively engage the US government to explore measures to minimise the negative impact on South Korea’s auto companies and suppliers, Industry Minister Ahn Duk-geun said in a meeting with industry officials on Thursday.
“Global uncertainties are growing but South Korean auto companies will not be fighting alone,” Ahn said.
The government will consider financial assistance, investment support, and help with market diversification, he said, adding that parts suppliers are expected to be hit particularly hard.
Trump’s 25 percent tariff on imported vehicles sparked criticism and threats of retaliation from countries affected by the move.
Shares in South Korea’s Hyundai Motor shed more than 4 percent and sister automaker Kia Corp fell more than 3 percent. Hyundai Motor shares are set to post their biggest daily drop since late October.
Hyundai together with affiliate Kia is the world’s third-largest automaker by sales.
In 2024, South Korea’s exports of automobiles to the United States stood at US$34.7 billion, accounting for 49 percent of its total auto exports. (Reuters)
