South Korea Warns of Increased U.S. Tariffs, Plans to Boost Investments to Offset Impact
Cheong Inkyo, South Koreas trade minister, warned that further U.S. tariffs under a second Trump administration may force South Korean businesses to b
Cheong Inkyo, South Koreas trade minister, warned that further U.S. tariffs under a second Trump administration may force South Korean businesses to boost their U.S. investments to counteract the effects. Higher tariffs, Cheong said, might speed up onsite production and direct investment, particularly in the automobile industry, which is already seeing investments from the United States. With a 200% tax on some imported autos and a 10%–20% blanket duty on imports, Trumps planned tariffs may cost South Koreas economy up to $44.8 billion in export revenue, mostly hurting automakers. Though its economic relations with the U.S. are anticipated to be steady despite possible changes, South Korea is willing to participate in trade diplomacy in response.
Read More..
B2B Tech News | 1 months ago