Gov't to devise response measures to US auto tariff plan next month
Cars waiting to be exported are seen in Pyeongtaek, south of Seoul, in this Feb. 19 file photo. Yonhap
The government will come up with measures next month to respond to the United States' plan to impose tariffs on auto imports, the industry ministry said Friday, as the new U.S. tariffs are expected to deal a severe blow to the Korean automotive industry.
The Ministry of Trade, Industry and Energy announced the move at a meeting with officials from automakers, including local industry leader Hyundai Motor and GM Korea, the Korean unit of General Motors, according to ministry officials.
In the meeting, attendees assessed that the proposed U.S. tariffs on auto imports will likely slow down Korea's exports to the U.S., also adversely affecting the local auto-parts making industry, the ministry said.
The Korean automakers urged the government to emphasize the contributions they have made to the U.S. economy through massive investments there, calling for comprehensive efforts to respond to Washington's tariff scheme.
They also called for various support measures to minimize the impact on the industry, such as diversification of export destinations and policy financing, the ministry said. (Yonhap)