South Korea unveils emergency measures for car industry hit by Trump tariffs
The measures include financial support for vehicle makers as well as tax cuts and subsidies to boost domestic demand
The measures include financial support for vehicle makers as well as tax cuts and subsidies to boost domestic demand, while the government also vowed efforts to negotiate with the US and help expand markets.
Manufacturers are expected to bear some of the tariff costs in the first year, but would eventually alter production and possibly cease importing certain low-volume models into the US market.
“Given the [lower] proportion of South Korean automakers’ local production in the United States, our industry is comparably at a disadvantage,” the government said in a statement.
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The tariff was expected to cause “significant” damage to South Korean carmakers and vehicle-parts manufacturers, though it was difficult to come up with numerical estimates at the moment, the government said.