Hyundai looks to Gyeongju for progress in tariff talks

Hyundai Motor Group’s top executives — represented by its Executive Chair Chung Euisun — are set to make last-ditch efforts to help achieve a breakthrough in Korea’s stalled tariff talks with the United States at the upcoming Asia-Pacific Economic Cooperation (APEC) CEO Summit. The carmaker seeks to take advantage of the event — slated for three days beginning Wednesday — as a major opportunity for smooth progress in the two countries’ unsettled trade negotiations. Chung is expected to meet with U.S. President Donald Trump and U.S. Secretary of Commerce Howard Lutnick in the event’s host city of Gyeongju this week and reiterate the carmaker’s pledge to expand its U.S. investment. Hyundai Motor Group’s two carmakers — Hyundai Motor and Kia — are urgently seeking a tariff reduction in the U.S., where a 25 percent import duty on Korean vehicles remains in place. In July, Korea and the U.S. reached a framework agreement, which included a reduction of auto tariffs to 15 percent, in exchange for Seoul’s planned $350 billion (500 trillion won) investment in the U.S. HowWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times