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Shares of South Korean steelmakers tumbled Monday after U.S. President Donald Trump pledged to impose new tariffs on steel and aluminum imports.
POSCO (NYSE:PKX) Holdings fell as much as 3.6% to 230,500 won, hitting its lowest level since October 2022. Hyundai Steel (KS:004020) dropped 2.9%, reaching a record low.
Trump announced plans to implement a 25% tariff on all steel and aluminum imports into the U.S., escalating trade tensions. The proposed duties would be in addition to existing tariffs, further pressuring global metal markets and South Korean exporters.
The sell-off extended to South Korean automakers, with Hyundai Motor (OTC:HYMTF) slipping 0.7% and Kia Corp declining 2%. The broader KOSPI index also lost 0.5%.
Market analysts suggest the new tariffs could negatively impact South Korean steel and auto manufacturers, which rely on U.S. exports. Investors are closely monitoring further trade policy developments that could disrupt global supply chains.
