Hyundai Motor Group welcomes Korea-US trade deal
Hyundai Motor Group Executive Chair Chung Euisun signs on a vehicle during the completion ceremony of Hyundai Motor Group Metaplant America in Georgia, March 27. Courtesy of Hyundai Motor Group
Hyundai Motor Group on Wednesday welcomed the Seoul-Washington trade deal, which cuts U.S. tariffs on imported cars from 25 percent to 15 percent, and vowed to continue efforts to strengthen its competitiveness.
"We express our gratitude to the government for its dedicated efforts throughout the difficult negotiation process that led to this agreement," the company said in a statement.
"Hyundai Motor and Kia will continue to pursue multifaceted measures to minimize the impact of tariffs while further strengthening our fundamentals through enhanced quality and brand competitiveness, technological innovation and other initiatives," it added.
After a summit in the southeastern city of Gyeongju between President Lee Jae Myung and U.S. President Donald Trump, Kim Yong-beom, presidential chief of staff for policy, announced that both countries reached an agreement on the details of trade negotiations.
The deal includes a reduction of auto tariffs to 15 percent from 25 percent, along with arrangements for the implementation of Seoul's $350 billion investment pledge in the U.S.
The settlement follows a framework deal reached on July 30, under which the U.S. agreed to lower "reciprocal" tariffs on Korean products, including cutting auto tariffs, to 15 percent, in exchange for Korea's pledge to invest $350 billion in the U.S. and fulfill other commitments.
The tariff reduction has not been implemented due to disagreements over the details.