Hyundai Motor CEO hails Korea-US tariff deal

Hyundai Motor Company CEO Jose Munoz on Friday praised the tariff agreement between Korea and the United States, saying the deal will reinforce Hyundai’s localization strategy and collaboration between its operations in the two countries. Munoz wrote on LinkedIn that the deal, which was announced a day earlier to lower tariffs on Korean auto imports to the U.S. to 15 percent, provides “clarity and predictability for our business moving forward.” “This framework reinforces our localization strategy while maintaining the seamless collaboration between our Korean design, engineering, and manufacturing teams and our American manufacturing operations,” he wrote. “It's exactly the kind of predictable environment that allows us to execute our long-term plans.” In March, Hyundai Motor Group announced it will invest $21 billion in the U.S. by 2028, in what appeared to be a preemptive move to cushion the impact from U.S. auto tariffs. The Trump administration initially proposed a 25 percent tariff on Korean manufactured vehicles, but lowered it as part of the two countries’ agreemWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times