Hyundai Motor, GM Korea unlikely to gain much from eased US auto tariff

Hyundai Motor Group and General Motors (GM) Korea are unlikely to benefit much from the United States’ latest auto tariff relief, as the program is aimed at giving temporary incentives to U.S.-assembled cars only, experts and industry officials said Wednesday. U.S. President Donald Trump signed a proclamation Tuesday (local time) to exempt a 15-percent tariff from the value of vehicles finished in the U.S. in the first year. The figure goes down to 10 percent in the second year. The country decided to soften the tariff rule less than a month after it slapped a 25-percent tariff on all automobile imports beginning April 2. However, Hyundai Motor, Kia and GM Korea will not be able to enjoy any benefits from the eased tariff rule, according to experts. The three automakers rely heavily on exports to the U.S. “They still export a huge number of vehicles to the world’s largest economy, and the exported cars will not gain from the latest incentive,” said Lee Ho-geun, an automotive engineering professor at Daeduk University. The Trump administration is under growing pressure to ease tradWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times