APEC summit critical to mitigate Hyundai Motor’s US tariff risk

Hyundai Motor Group finds itself at a pivotal moment ahead of the upcoming Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting, as the event may serve as a major catalyst to ease the carmaker’s mounting tariff burden in the United States. The Korean carmaker continues to shoulder a massive financial burden from the 25 percent tariff imposed on its U.S. operations, even months after Korea and the U.S. agreed in July to lower the rate to 15 percent. Washington is continuing to impose the 25 percent rate on Korean auto imports, as the two countries have yet to finalize a detailed agreement. The status quo leaves Hyundai Motor Group’s two key auto brands — Hyundai Motor and Kia — highly vulnerable to the external uncertainty, as the U.S. is their largest export market. According to data from market tracker, FnGuide, Hyundai Motor’s operating profit in the third quarter is forecast to reach 2.6 trillion won ($1.83 billion), down 27 percent from the previous year. Kia's is also estimated to fall 27 percent to 2.3 trillion won during the same period. Korea hopes to finaWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times