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Shares of South Korean automakers Hyundai Motor (OTC: HYMTF) and Kia Corp declined on Thursday following U.S. President Donald Trump’s announcement of a 15% tariff on imports from South Korea, including automobiles, under a new trade agreement.
Hyundai shares slipped 2%, while Kia shares fell 3.3% in Seoul trading. The move marks a significant change from the previous 25% tariff on South Korean auto imports imposed by Washington in April, aligning the rate with tariffs on Japanese vehicles.
Prior to April, most South Korean auto imports entered the U.S. duty-free under the Korea-U.S. Free Trade Agreement (KORUS FTA), while Japanese vehicles faced a 2.5% tariff. The new deal removes the competitive tariff advantage South Korean automakers previously held over Japanese rivals, potentially impacting Hyundai and Kia’s pricing power in the U.S. market.
Analysts say the revised tariff rate could narrow the gap in competitiveness between South Korean and Japanese automakers in North America, where both Hyundai and Kia have seen strong demand for electric vehicles and SUVs. The companies may need to reassess pricing and production strategies to maintain market share amid evolving trade dynamics.
The U.S.-South Korea trade agreement comes amid broader efforts by Washington to restructure tariffs and strengthen domestic manufacturing. Industry watchers expect further negotiations between the two countries as both seek to balance trade relations and protect key automotive sectors.
The announcement underscores growing geopolitical and trade tensions impacting the global auto market, with investors closely monitoring potential ripple effects on supply chains and export strategies for major automakers.
