WASHINGTON, Feb. 12 (Korea Bizwire) – The United States is in talks with other countries on “reciprocal” tariffs, a White House official was quoted as saying on Wednesday, as President Donald Trump is pushing for tariffs on U.S. imports to match what other trading partners impose on U.S. exports. Kevin Hassett, director of the National [...]
SEOUL, Feb. 5 (Korea Bizwire) - Hyundai Motor Group is expected to be among the least affected global automakers from the United States’ plan to levy a 25 percent tariff on goods from Mexico, according to market watchers Wednesday. Major automakers with production bases in Mexico include General Motors (GM), Ford, Toyota, Nissan, Volkswagen, Honda [...]
SEOUL, Feb. 3 (Korea Bizwire) — The South Korean auto industry is bracing for significant disruptions after U.S. President Donald Trump announced new universal tariffs on the country’s largest trading partners, including Canada, Mexico, and China. The move is expected to have immediate financial implications for South Korean automakers and suppliers, particularly those that have [...]
SEOUL, Nov. 27 (Korea Bizwire) — The presidential office plans to hold an emergency meeting Wednesday to discuss responses to U.S. President-elect Donald Trump’s proposal to impose tariffs on three trading partners, a senior presidential official said. The meeting comes after Trump said on social media that he will use an executive order to levy [...]
SEJONG, May 3 (Korea Bizwire) — The United States has made a preliminary decision to impose up to a 43.5 percent anti-dumping tariff on aluminum extrusion imports from South Korea, officials said Friday. The U.S. Department of Commerce plans to impose 2.42 percent anti-dumping tariffs on aluminum extrusion produced by Shinyang Metal and 43.56 percent [...]
SEOUL, Apr. 26 (Korea Bizwire) — The finance ministry said Friday the government will lower tariffs levied on seven farm products and other food imports, including cabbages and grapes, starting May to curb still-high inflation. The planned move through the tariff-rate quota is part of the country’s flexible tariff system, where the government temporarily adjusts [...]
SEOUL, May 21 (Korea Bizwire) — The U.S. Commerce Department has decided to further lower its tariff on cold-rolled steel products by South Korea’s top steelmaker POSCO, industry sources said Tuesday. According to the sources, the U.S. government recently decided to impose a 3.23 percent tariff on cold-rolled steel sheets produced by POSCO, down from [...]
SEOUL, Mar. 9 (Korea Bizwire) — South Korean steel exports to the United States will take a big hit from Washington’s move to slap heavy tariffs on imported steel, local industry sources said Friday. Defying threats of retaliatory measures from major economies, U.S. President Donald Trump signed orders imposing 25 percent tariffs on steel imports, [...]
SEOUL, Sept. 5 (Korea Bizwire) — While the alleged development of a hydrogen bomb by North Korea is keeping the military on alert, Donald Trump’s allusions to a possible termination of the Korea – U.S. Free Trade Agreement is keeping the nation’s economy in a similar state. In the latest stream of news either decrying [...]
SEOUL, April 28 (Korea Bizwire) – The three-year-old free trade agreement with Vietnam will allow South Korean companies to further increase their auto, steel and petrochemical exports on tax removal or cuts, customs experts said Thursday. In a seminar held at the Korea Chamber of Commerce and Industry (KCCI) in central Seoul, customs experts called [...]