South Korean Automakers Rally On Seoul-Washington Trade Deal

MT Newswires Live

Dec 02

South Korean automaker shares rallied on Tuesday after Washington confirmed that lower 15% tariffs on South Korean vehicle imports would be applied retrospectively to Nov. 1.

The move follows legislation introduced in Seoul to implement investments agreed upon with the U.S.

Hyundai Motor (KRX:005380) closed up 4.5%, Kia (KRX:000270) rose 4.2%, and the broad-market, KOSPI, gained 1.9% after U.S. Commerce Secretary Howard Lutnick announced the retrospective tariff cut from the previous 25% rate.

The legislation introduced in South Korea would establish a state-run investment fund to manage $350 billion in new U.S. investments.

"We are also removing tariffs on airplane parts and will 'un-stack' Korea's reciprocal rate to match Japan and the EU," Lutnick added.

South Korea's automobile exports to the U.S. fell 29.0% on the year in October to $2.12 billion, according to the Ministry of Trade, Industry and Resources.

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