Hyundai Motor explores deeper ties with Toyota to counter US tariff risks

Hyundai Motor Group Executive Chair Chung Euisun is expected to explore new business opportunities in a possible meeting with executives from Toyota Motor on the sidelines of this year’s Trilateral Executive Dialogue (TED) in Tokyo. Chung and a group of Korean business moguls will attend the two-day economic dialogue starting Tuesday. This year’s TED holds strategic importance to both Korea and Japan, as they are now exposed to mounting external trade risks triggered by tariffs from the United States. Hyundai Motor and Japan’s Toyota in particular find themselves in the same position, as the U.S. decided to impose auto import tariffs of 15 percent to Korea and Japan. This has forced both automakers to shoulder unexpected costs for their U.S. businesses. Following multiple meetings between top management of the two firms last year, there stands a possibility for Chung to meet with Toyota Motor Chairman Akio Toyota during his visit to the Japanese capital. In October last year, the Toyota chairman visited Korea to attend the Hyundai N x TOYOTA GAZOO Racing Festival and discussed poteWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times