U.S. President Donald Trump may announce tariffs on the automotive institutional sector as early as the 26th (local time), local media reported.
On this day, Bloomberg cited multiple sources indicating that President Trump is preparing to announce automotive tariffs. However, the level and scope of the tariffs remain unclear. Bloomberg added that there is also a possibility that the plan may change.
On the 24th, President Trump noted during a cabinet meeting at the White House, "I will soon announce something regarding automotive tariffs." In relation to this, Chung Eui-sun, the Chairman of Hyundai Motor Group, also promised an investment of $21 billion (about 30 trillion won) in the U.S. by 2028.
Currently, the U.S. imposes a 25% tariff on steel and aluminum worldwide. If automotive tariffs are also fully implemented, a tariff war is expected to begin.
Korea is expected to suffer significant damage from the automotive tariffs due to the high proportion of automotive exports to the U.S. The scale of Korea's automotive exports to the U.S. last year was $42.9 billion (about 63 trillion won).
Meanwhile, on the 2nd of next month, President Trump is scheduled to announce reciprocal tariffs considering country-specific tariff rates and non-tariff barriers.